Asian Paint - Higher Time Frame View.
1. Major support broken down on daily chart which was 1720-1715 levels.
2. Next support as per TA is 1630 which is 0.618 FIB retracement of last parabolic move up.
3. If 1630 breaks that possibility of down towards 1500 seems look good.
Trade Setup
- Personally i am going to build up a short position from 1690-1710.
- With stop loss above 1730
- Target 1 : 1630 (Book 30% of position profits there)
- Target 2 : 1500 (Book balance 70% profits there)
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2. Next support as per TA is 1630 which is 0.618 FIB retracement of last parabolic move up.
3. If 1630 breaks that possibility of down towards 1500 seems look good.
Trade Setup
- Personally i am going to build up a short position from 1690-1710.
- With stop loss above 1730
- Target 1 : 1630 (Book 30% of position profits there)
- Target 2 : 1500 (Book balance 70% profits there)
Join our telegram community for Updates During Market : t.me/NSENoob
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