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ASIAN PAINTS WEEKLY
From the last couple of weeks, Asian Paints have given a strong rally & now reached at the resistance of 3505 forming a double top patten on weekly chart. Priorly there was a resistance of 2859 which was later turned into support on 29/10/21 & gave a strong really further. As per today’s session, daily close has sustained above the resistance of 3505 which is further a good sign to continue the rally again. However, price is been trading in a rising parallel channel & as per the extension it can further extent till the Fibonacci level of 61.8% (3633) by this week end.
Technical Factors –
- Price is rising in a rising parallel channel & have crossed the double top formation in daily chart.
- Further extension leads to the resistance at Fibonacci level of 61.8% which is 3633.
- For coming weeks, if price sustains above 61.8% level, then it can lead to resistance at top trendline of rising channel.
- A crossover above zero line has been given by MACD which is a good sign.
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