ASIANPAINT: BEGINNING OF A DECLINE?

15 Eyl 2021

EDUCATIONAL:
Weekly chart is indicating topping out pattern BUT NOT YET CONFIRMED! Only when we have a nice red candle following soon, it will be confirmed. The daily chart has two red candles. It has dropped to less than 2% from lifetime high so surely it is too early to call for a correction but this scrip will be interesting to watch if further candles precipitate more price correction with increased volumes. The trigger for a big move can come suddenly, swiftly from anywhere. Worth watching...

17 Eyl 2021

İşlem aktif

So on the daily charts, a nice red candle shows up, and last week's low point touched. Aggressive traders would have taken a short position. My next targets would be 3270, 3257, 3244 with a stop at 3330 levels. If the market tanks for some reason, this scrip should also react violently downwards.

20 Eyl 2021

İşlem aktif

This morning, 3273 was hit so 1st tgt almost met. Then it violently shot up to 3314 level which has now become resistance. So until 3330 is breached on the upside, the view on this stock will remain bearish. Let's see if other tgts are met...

21 Eyl 2021

İşlem elle kapatılmış

Morning session saw this stock defying gravity and hitting 3333 and thus our stop loss is triggered. Now it remains to be seen how the rest of the week pans out.