ASIAN PAINTS - Triangle Pattern

2021년 6월 10일

There is a Triangle pattern formation on Asian Paints Hourly Chart and in fact, the prices did close above the triangle resistance trendline today.

But there is definitely a BUT in this stock, and you must be thinking what it is?

Let me tell you, usually the valid triangle breakout , or you can say breakout that see a great movement is , when the price breaksout within 2/3 area of the traingle, but in this case , price has reached quite closed to thc convex area, and when such kind of price movement is seen , prices usually move sideways or also came with th range.

Now you must be thinking, if there is so much But in this stock, why m i discussing it here as a probable trade, because, its higher timeframes are super bullish, hence this stock may test so much of a traders' patience, but it could be worth it considering good risk-reward ratio, it could be a good long position trade.

So a Positional Stoploss can be placed below 2900 level, and stock could be bought dips or in consolidation if happens.

Disclaimer : The post is for educational purposes, if you are trading this, you are trading at your own risk.

Let me know your views on this stock.