Asian Paint: In Heavy Supply Zone

25 Nis 2020

The stock has been confronting with a heavy selling pressure near 1820 zone since September 2019. I can clearly observe 3 to 4 million share prints around this level. Even the March 2020 fall began with a 6 million print in the same zone. Currently the stock has been testing the 1820 zone and again there is a 3.7 million share print.
This observation has been signalling a correction or a pause at this level as the supply is still huge. There are a couple of rejections on the daily chart but lower time frames are yet to confirm weakness. If the weakness confirms, we may see 1700-1720 levels in the coming weeks.

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Regards
JJSingh

4 May 2020

Not

Right at the downside target 👍

5 May 2020

Not

Fast and furious

12 May 2020

Not

Below 1500 there is possibility of 1450
Just beware that we are entering into buyers' zone.
Use stops as sharp moves may follow.