Asianpaints: Ride the short-term Momentum
September 4, 2024
On Sep 4, 2024, Asianpaints crossed the Fib 61.8% mark. This sudden surge is attributed to the drop in crude prices, which brings down the cost of raw materials required to make paint.
However, since May 2024, Asianpaints has been following the higher high – higher low pattern, which shows that the stock is gaining strength.
If Asianpaints manages to hold the 61.8% level with good volume, we could see it moving up and hitting the 78.6% Fib level.
After crossing the 61.8% mark, if the price retests the 61.8% level and closes above the previous swing high on a 1-hour candle, then too there is a high possibility of it moving to touch the 78.6% Fib level.
An hourly candle closing below 61.8% level with momentum and high volume would be a signal to exit.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
On Sep 4, 2024, Asianpaints crossed the Fib 61.8% mark. This sudden surge is attributed to the drop in crude prices, which brings down the cost of raw materials required to make paint.
However, since May 2024, Asianpaints has been following the higher high – higher low pattern, which shows that the stock is gaining strength.
If Asianpaints manages to hold the 61.8% level with good volume, we could see it moving up and hitting the 78.6% Fib level.
After crossing the 61.8% mark, if the price retests the 61.8% level and closes above the previous swing high on a 1-hour candle, then too there is a high possibility of it moving to touch the 78.6% Fib level.
An hourly candle closing below 61.8% level with momentum and high volume would be a signal to exit.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.