ASIANPAINT on verge of serious breakdown

ASIANPAINT has broken down from a triangular consolidation and seem to have taken support at 200 week MA. Last time the stock touched 200 WMA was in 2009 (yes, a good long 15 years back).

If 200 WMA holds then it would save the stock but if it breaks then we might see up to 30% downside from current levels as per TA targets for the triangle and these are conservative targets.

Keep an eye this week to check what happens at the end of the week.