SWING IDEA - ASIAN PAINTS
Updated
Asian Paints, one of India's largest paint companies, is showing promising technical signals for a potential swing trade.
Reasons are listed below:
Target - 3185 // 3420
Stoploss - daily close below 2950
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Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below:
- 3000 Zone as Previous Resistance: The 3000 level was a significant resistance zone that the price has now broken and retested, indicating a strong bullish sentiment.
- Dragonfly Doji on Daily Timeframe: The formation of a dragonfly doji on the daily chart suggests a potential reversal to the upside after testing support, reflecting strong buying interest at lower levels.
- 50 and 200 EMA Support on Daily Timeframe: The stock is trading above both the 50 and 200-day exponential moving averages, which serve as strong support levels, reinforcing the bullish outlook.
- Break of 6-Month Consolidation: The stock has broken out of a 6-month consolidation phase, signaling the potential for a new uptrend and increased momentum.
- Bounce Back from Golden Zone: The stock has bounced back from the golden Fibonacci retracement zone (0.618 level), which often acts as a strong support and suggests a continuation of the uptrend.
Target - 3185 // 3420
Stoploss - daily close below 2950
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Note
consolidating near support zone, hold!Trade closed: target reached
1st target achieved : 5%++Note
made a high of 8%++Note
made a high of 11%++Note
you can re-enter here
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