Asian paints at lower band of channel..... Stock can reverse from here in short term but the concern is increased volume with decrease in price in last 4 weeks.... If it breaks channel lower band possibility of reaching 700 is likely.... Before initiating long position, we shall wait for some sort of reversle singal......
Your view are welcome.......
It is been observed on the daily chart that the price action picks up from the support levels at 1025, now it shall move to previous support level which is now act as resistance levels.
Target: 1095
Stoploss: 1020
Risk Reward: 1:2
As seen Asian paints has broken out of the ascending rectangular channel, breaking the pattern of higher lows formation on the daily chart .
See how the stock was moving up in the channel making strong moves upward and taking small correction on the downside helping us to understand the direction and the strength of the trend, but lately buyers were not able to...
We have a Bullish Cypher Pattern on Asianpaint. As per ideal Cypher pattern D leg should be near 0.786 of XC leg but it went deeper. Still 1155 - 1160 is a major support level for entry.
ASIANPAINT hourly chart has been moving in a beautiful harmonic manner. After bearish Butterfly (Blue) it is forming Bullish BAT (Green color).
However another monster Bullish pattern (Orange) can also be seen if 1180 level is broken.
So one can go Long as per the Bullish BAT formation with the SL level slightly below 1180 and target of near 1200.
After a consolidating for a while, Today the price action breaks above the previous highs and made a new fresh high close. It indicates strength from buyers side and up ward shall continue.
Target: 1190
Stoploss 1150
The price action has just breaks below the previous support levels of 1100 and now it is heading towards the 1085, 1075 levels. Good time to short with stoploss 1126.
Target 1085, 1075
Stoploss: 1126
