ASIANPAINT trade ideas
asian paints ltdshare name : asian paints ltd
call type : shorting opportunity
- share is forming a downfall range
- 3016 is a good supply zone because we can see
a head and shoulder on daily time frame,
which is acting as a trend reversal
- 2599 is acting as a good demand zone
- we can sell this share around 3016 levels for
2599, if 2599 getting break we can see 2260
levels in upcoming months
- i am creating a imaginary picture for this share
thanks
Asian paints - turning bullish againOne of my favourite stock turning bullish again.
Stock made an inverse head and shoulder chart pattern and gave a breakout from immediate resistance. Next resistance and target of inverse h&s is same, which is 3175. Short term traders can capture this opportunity. You can keep a small stop loss of candle low that decisively breaks the sloping trend line.
Existing investors like me can increase their positions.
Price action analysis - ASIANPAINTNSE:ASIANPAINT had a good run up until recently and now it seems to have been topped out. In Weekly chart, rising wedge structure is formed and volume has declined with it. It suggests that buyers are losing the grip and sudden fall to 2625 with heavy volume confirms the reversal. Buyers stepped in from 2625 level and took the price higher but subsequent price action suggests that they have been exhausted and seem to be losing control. If price couldn't hold above 3100 level then it's going back to 2645. If it can't hold that one then it will go further down to 2275. Let's see what happens.
ASIAN PAINTS - BULLISH HARMONIC PATTERN - GOOD ENTRY !Bullish Harmonic Pattern Established, possible targets mentioned in the chart
Disclaimer - This is not a buy or sell advice. I am sharing what I see on the chat & what I am trading, based on my own knowledge & understanding. Please consult your financial advisor before taking any bets in the stock market. I will not be responsible for any profit/loss you incur on your trades based on my published ideas.