After a consolidating for a while in a rectangular range, Today the price action breaks above the previous highs or resistance and now expect to make a fresh high close. It indicates strength from buyers side and confirmation of upward move.
Plotted is the nice set of action-reaction lines. Note how price respects the 50% level. Price headed to upper line at 1300-ish.
Setup for downmove till 1080 (if the current high is not broken).
Hi Guys, We are expecting upward breakout from the bullish flag pattern in asian paints and if we get the breakout we can initiate long positions after checking out our risk:reward. Thanks for your support... Happy Trading !
Pls check the annotations in the chart !!
To be honest I really like the simple trend continuation pullback entries. They exactly come to our support/resistance zone, stagnates for sometime and raises in our direction most of times. These setups dont need complicated analysis or any technical analysis at all. In this particular setup of Asianpaint , Risk reward is above 1.5 or if you decide to wait for...