ASIANPAINTS
The stock has been in a strong uptrend from last many years and every decline in price has bought into.
Asian paints has remain one of the favourite stock to own by big players.
Looking on to the weekly chart attached, it is evident that, stock has reversed finding support near the Moving Average Band.
Since year 2012, the stock price has formed a bottom at or around the Moving Average band.
There are multiple instances where price has reversed taking support at the Band shown in chart.
Furthermore , at few instances near the same juncture the stock price has found support near its previous high.
Currently, the same scenario has been developing now.
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| AsianPaints Weekly chart (Click to enlarge) |
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