Asian paints is back to retest the previous resistance.
A very important trendline lies in the same region.
This confluence of support will be confirmed if any bullish candle is formed here.
The risk to reward will also be favourable.
There is a buildup near the resistance and that signifies a possible breakout and continuation of up-trend.
The volumes during the consolidation are also low and the stock has been making a higher lows structure in form of an ascending triangle.
Strong above 718-20,target is 2-2.5%
View is invalid if price breaks the triangle on the lower side.
Support at 695-700.
intraday and short-term view : the stock is seen building up near the resistance with extreme low volumes.
it has been seeing good buying volumes since the past couple of days.
plus the major trend is uptrend.
the risk-reward is quite good.
possible breakout candidate. NSE:ASTRAMICRO
It has given a breakout supported by high volumes and is currently consolidating with low volumes.
The structure is bullish symmetrical triangle pattern.
Enter after breakout of the pattern if the volumes support the breakout.
safe entry above 292.
Time horizon :short term
on the daily chart, voltas will be forming a morning star right at the confluence of support zone if buyers show control today.
If the volumes come in today, voltas can be seen moving upwards continuing the prior trend.
It has respected the 50% retracement mark and shown correction both in price and time.
This is an extension to the analysis posted before.
The stock has already given a 1:3 RR.
The power sector is seeing huge inflows and that is expected to continue.
Torrent power saw extra-ordinary buying volumes with low volume pullbacks.
Time horizon : short term-medium term.
After the breakout, the retest volumes have been low.
The stock seems ready to break the trendline and move upwards.
The trendline break should be convincing with high volume and the candle should depict buyers in control.
Previous resistance will act as a support.