Asian paints has been respecting the price channel drawn on the daily chart for the last three years. Also if you notice , this stock follows a certain pattern . It falls sharply after touching the upper end of the channel and gravitates towards the lower end of the channel ( marked by oval shape) . after that it consolidates in between the channels and touches the upper end of the channel without touching the lower end of the channel. The price at the moment is in my buy zone. I am keenly watching if the stock holds 1288 levels and gives some bullish reversal pattern to go long. conservative traders can wait for the downtrend line to be broken to go long for targets of 1525 & the second target is the upper channel. I hope this information was helpful to you.
Plan your trades & then trade the plan.
Happy trading !!!
Plan your trades & then trade the plan.
Happy trading !!!
Comment:
Target - 1 done
Trade closed: target reached