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.
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.