ASIANPAINT trade ideas
Asian Paint Target 1650 I am watching Asian paints for last 20 days. By mistake I bought @1605 during downtrend and price dips @1494 => bounced backed almost +100 points.
CMP 1618, further expecting to hold till next week for 1605 Target.
Stop loss 1500, I am beginner, would like to post my idea for any comments
Long for Asian Paint?Be careful: Do not follow me blindly; this setup is for educational purpose only.
Long if first hourly candle closes above buy point. Result day!! So, sudden reversal is possible. Risk reward is good, but on a very volatile day.
Targets and stops are mentioned.
Setup has good divergence also.
6R Opportunity; Buy Zone Marked on Chart- Break of Down Trendline (forming a falling wedge in the end) indicating that Selling pressure has subsided.
- RSI showing Double Bullish Divergence is another indication.
- The last gap down opening was filled by a close above it.
- A Retrace to the marked Buy Zone is a buy.