Price action analysis - ASIANPAINT

2022년 5월 2일

ASIANPAINT had a good run up until recently and now it seems to have been topped out. In Weekly chart, rising wedge structure is formed and volume has declined with it. It suggests that buyers are losing the grip and sudden fall to 2625 with heavy volume confirms the reversal. Buyers stepped in from 2625 level and took the price higher but subsequent price action suggests that they have been exhausted and seem to be losing control. If price couldn't hold above 3100 level then it's going back to 2645. If it can't hold that one then it will go further down to 2275. Let's see what happens.

2022년 5월 26일

노트

Nice breakdown as expected. Price is moving towards target #1.

2022년 6월 10일

노트

First target is hit.

2022년 6월 20일

노트

It is also forming Bullish Shark harmonic pattern. PRZ zone is around 2400 and demand zone is also around the same level. Price reversal might be seen from there.