Timeframe: 4h
NSE ASIANPAINTS has constructed Wammie(W) Pattern on the 4-hour timeframe chart. The price was falling in the downward channel for more than 22 weeks.
Price had a resistance neckline at 2852, and a large candle broke down the resistance. Traders can expect a pullback near the neckline since the price is rising on falling volume. Due to the price falling for more than 22 weeks, we won’t take risks until we get a pullback. The price is trading below 200 EMA, so we are not going to take this trade until we get a good risk reward and a favorable stop-loss.
After the pullback, if the price sustains above 2852, traders can buy for the following target 2870 – 2924 – 2986+.
Further information will be available soon.
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