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PriceActionTrader1

Price action analysis - ASIANPAINT

Short
ASIAN PAINTS LTD (NSE:ASIANPAINT)  
PriceActionTrader1 Updated   
NSE:ASIANPAINT   ASIAN PAINTS LTD
Trend Analysis Wedge Rising Wedge trendreversal supportandresitance
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trendanalysis wedgepattern risingwedge trendreversal supportandresitance
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.
Comment:
Nice breakdown as expected. Price is moving towards target #1.
Comment:
First target is hit.
Comment:
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.
snapshot
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