As per pattern trend go for short.......
If there is a pattern structure like this it is a valid trade refer chart for details
Asian Paint is following nifty in terms of RSI, a bearish divergence has been seen. Current PE ratio of Asian Paints is high as per industry PE ratio. Also 3 bar reversal pattern can be seen in monthly chart, indicating a long term downfall in Asian paints.
Expecting AsianPaint to achieve targets of 1.618% of Fibo Levels. However, more volatility is expected as result is around the corner.
Asian Paints has recently given 52 Week High with strong Breakout. It confirms the strong Uptrend.On Monday expecting a Small correction in stock which i can assume buy opportunity near 1265-1270. My TGT Will Be 1380 for upcoming Week and 1500 for upcoming Month with the Stoploss of 1200
BUY ABOVE 1197.20 (PLACE AMO ORDER AND WAIT FOR FILL) TARGET AND STOP LATER
I HAVE A STRONG BULLISH VIEW ON AXIS BANK AND SEE LEVELS AROUND 580+ ON OR BEFORE 24 OCTOBER 2017!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Reason: Asianpaint trading in triangle of 50 point height. Breakout point at 1158 At/Between: 1160-50 Stop: 1138 T1: 1185 T2: 1210
Hi Guys, Those who trade it can look for break to downside if it broke that corrective structure then more up or more down.
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 !!