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Asian paints - Clear shorting opportunity..

Discussion in 'Technical Analysis' started by vishuhd1, Dec 13, 2013.

  1. vishuhd1

    vishuhd1 Member

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    Asian paints formed a perfect head and shoulder on a daily chart and closed well below the neck line level of 500.. Its clear shorting opportunity..

    It has a support at around 488 levels, but I guess that will be taken off in the next few trading sessions.. So, the target would be around 450.. SL is 500..

    Pls share your thoughts..
     
    vishuhd1, Dec 13, 2013
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  2. shabbir

    shabbir Administrator Staff Member

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    I would like to see the 490 to be broken because initiating shorts as I see some pin bar being formed just above 490.
     
    shabbir, Dec 14, 2013
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  3. vishuhd1

    vishuhd1 Member

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    Shabbir,
    Today's closing price (485.9) confirmed the head and shoulder pattern.. We can clearly go for shorts in this counter..
     
    vishuhd1, Dec 17, 2013
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  4. shabbir

    shabbir Administrator Staff Member

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    Yes.
     
    shabbir, Dec 17, 2013
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  5. yankeedin

    yankeedin Responder

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    I think we missed opportunity to enter asian paints around 550-560 levels. I suppose it can be bought at dips around this level with sl of 500 for target of 660
     
    yankeedin, Jun 26, 2014
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  6. shabbir

    shabbir Administrator Staff Member

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    Exactly
     
    shabbir, Jun 27, 2014
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  7. yankeedin

    yankeedin Responder

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    even when market has fallen so much in past 2 days, asian paint has shown strength to withstand it and it stays above 580 levels for past 11 trading sessions. I suppose we can enter @cmp 594.65 with sl of 2 pts below 576 i.e 574 say for target of 650. Am I right?
     
    yankeedin, Jul 10, 2014
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  8. shwetagnema

    shwetagnema Active Member

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    I would like to enter after it crosses 600
     
    shwetagnema, Jul 10, 2014
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  9. shabbir

    shabbir Administrator Staff Member

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    I would like to keep a close eye on this stock but not enter now but at a breakout. It could be that it just lags the market correction.
     
    shabbir, Jul 10, 2014
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  10. yankeedin

    yankeedin Responder

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    hmm.. I heard suggestion of both Shabbir and Shweta and it saved the day.:D
     
    yankeedin, Jul 11, 2014
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  11. shabbir

    shabbir Administrator Staff Member

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    :D
     
    shabbir, Jul 11, 2014
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  12. yankeedin

    yankeedin Responder

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    risky trade @cmp of 616 can be initiated with sl of near 600 with target of 645
     
    yankeedin, Aug 13, 2014
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  13. yankeedin

    yankeedin Responder

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    Asian paint now quoting at 680 :pleased:
     
    yankeedin, Sep 8, 2014
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