ASIAN PAINTS | Short Sell OpportunityFriends, please support this idea with LIKE if you find it useful.
Even though its main trend is positive. Looks like price is going to retest the previous demand zone before it rides back to the upside. So you may get a sell opportunity here. Use the pullback to get in.
Reasons:
- Made a double top.
- The price is trading near a resistance area. .
- Nifty is weak.
- Weak supports.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
ASIANPAINT trade ideas
Asian Paints forcastPrice seems too high and the channel obeys it, As the price reached the above line it may go a little high above or equal to 1927.
It opened gap up today and made a high of 1915.
I am expecting it will come down to 1530 in the next quarter.
Drop in the oil prices will benefit the paint sector.
Key Raw material imports (Titanium dioxide) from China may affect the sector.
ASIANPAINT | Dynamic Resistance at 200D EMAThe daily trend of the stock bounced of 200D EMA quite a lot many times to make the dynamic resistance a lot stronger and is expected to maintain above the same resistance and bounce back and go long upon hitting the resistance again. But meanwhile the trend holds a strong resistance against 50D EMA.