After giving a good upside now we can see loss of momentum in asian paints. On breach of the trendline (at around 1500) on 1hr chart we can look to short the stock with target of 1477-1460. On breach of 1460 we can see further bearishness in the stock which will lead the pirce to 1435--1400. View is violated if this stock closes above all time high of 1538.
price faced rejection at 800 which is r3 of this month and r1 of this week.
on daily chart there is loss of momentum after good upside. on hourly chart there is double top formation with RSI divergence. on breach of 780 which is the neckline of the pattern and also central pivot point of this week, stock price will fall and reach 765-760 zone. trade can be exited...
this counter looks a good buy to me. it is standing at a very cruial support and looking at the charts it has formed a good base at 650-640 range. so one can look to buy at cmp and keep stop loss at 648 and target price is 770-780.
there is rsi bearish divergence on daily chart alongwith double top formation. also on last trading session there is formation of bearish engulfing candle pattern. the momentum is already slowed down. so i believe it is good shorting opportunity with target of 1380-1350-1300. sl being high the red candle formed on 21st dec that is 1460.
once this stock reaches and sustains above 620-625, we can see decent returns with upside targets of 638, 670 & 695.
do note that this is just a trading idea and not a recommendation. do your own analysis before trading in it.