ASIANPAINT trade ideas
Asian Paints Ltd # Head and Shoulder pattern, RR - 1:2, ShortShorting Opportunity if it breaks neckline...Pls share your positive input to make this analysis more effective....
Note - I am new learner on this forum.... I may have done some mistake while analysing...I request all especially seniors to share your views if you find something good or weak area in my analysis.
Pls do your own research before taking any trade based on this analysis
Regards
Shyam Kumar
ASIAN PAINT.. BUY FOR SHORT TERM TARGET OF 1434.Strong buildup (Large body candles) between the zones ( highlighted in yellow ) supported by 20 days EMA.
if closes above 1417 today, we can expect a short term target of 1434.
Above 1434, can touch 1460.
High Probability Trade - Asian PaintsLook to go long as close as possible to the trendline for a target of 1469.
Asian Paints already reversed from its trend!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.
ASIAN PAINT reached its channel bottomif it sustains above the channels support line,then it will go upto it channel top
ASIANPAINT - Local Bearish DivergencePremise:
1. A retrace to the OTE will occur
2. The bullish divergence will fully play out, bringing the price to the OTE
3. This retrace upwards will be in more than 5 candles
4. A bearish divergence will thus appear
Execution:
1. 1:2:3 Short scale inside 1237-1240
2. Stop at 1286
3. Target is a long term support region at 1043 (zoom out :) )
Result:
1. A 6.26:1 RR trade is executed
AsianPaint | More Paints remaining for BullsExpecting AsianPaint to achieve targets of 1.618% of Fibo Levels. However, more volatility is expected as result is around the corner.
AsianPaints, ResistancePrice at resistance point which is 1340-43. Go long with a stop loss of 6-7 points-- SL at 1334 if price goes above 1341. Target is 1359. Rationales: Consumption theme (in strong bullish phase). AP is a market leader. A breakout stock. Goo risk reward ratio.
Buy Asian PaintsBuying opportunity in Asian Paints once consolidation ends. Enter at the support level with stop loss few points below the support line.
AsianPaints, Resistance AP at crucial resistance of 1340-- highest Call OI. It is also a Triple Top pattern. Crossing this will give a big breakout. Price took support at 50 DMA. Unable to take out the level of 1340 decisively, will correct and consolidate for sometime. Consumption theme. Covering this market leader since the bottom was formed. It is a buy on correction.
Asian Paint is retesting Break out level Asian Paint is retesting Break out level formed after shallow retracement / consolidation around 38.2% Fibo level
AsianPaints, ConsolidationWe can take guidance from positioning of the 50 and 100 in relation to 200 DMA. It means that so long as 50 and 100 DMAs are crossing 200 DMA on the upside, we can go long on dips.
AsianPaints, ConsolidationAfter a big vertical lift consolidation is normal. Expect a big rise again once the consolidation is done. This may take some time. New highs are coming. AP is a market leader and falls in the consumption segment of industry which is doing quite well.
