ASIANPAINT NSE Stock | Technical Analysis | Dec 2019 Overview

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Yearly candlestick charts of ASIANPAINT shows a steady growth of 10 times from its initial listing. It has done so well in the last ten years and is one of my favorite stocks. Below you can see the yearly candlestick chart of ASIANPAINT stock.

Asianpaint Yearly Chart Dec 2019

The yearly chart shows bullish uptrend continuation in ASIANPAINT for a long period of time and it’s near its lifetime high. ASIANPAINT stock is trading at 1736.45 in NSE and its lifetime high is 1834.80 (made in 2019). Lets quickly look at halfyearly charts for trading opportunities.

ASIANPAINT Halfyearly Time Frame Candlestick Charts Dec 2019

A great bullish run is going on in halfyearly charts of ASIANPAINT. And we don’t have many clues to get an entry in ASIANPAINT when we look at the Half-Yearly charts.

Asianpaint Half Yearly Chart Dec 2019

For a good entry in ASIANPAINT, it looks like we have to identify a good price support level and wait for it to drop till that price. Let’s start looking at lower time frames for identifying support levels.

ASIANPAINT Quarterly Time Frame Candlestick Charts Dec 2019

I have marked the current week’s red candle with horizontal lines and I feel this price level should be avoided for fresh buying in this stock. A better approach to enter this stock would be a breakout above lifetime high or to find good support levels and enter at those levels if prices of ASIANPAINT drop at those levels.

Asianpaint Quarterly Chart Dec 2019

ASIANPAINT Monthly Time Frame Candlestick Charts Dec 2019

Monthly charts of ASIANPAINT shows selling entry as per candlestick closing strategy. This selling entry can be traded in futures contracts but will be considered very aggressive trade.

Asianpaint Monthly Chart Dec 2019

As I am very bullish on ASIANPAINT, I will look for only buying opportunity in this NSE stock. Let’s look at weekly charts of ASIANPAINT stock for trading opportunities.

ASIANPAINT Weekly Time Frame Candlestick Charts Dec 2019

Weekly time frame charts of ASIANPAINT shows a retracement from the lifetime high and probably the end of the retracement. If this week’s candle closes above last week’s candle in the weekly chart, it should be considered a buying opportunity as per the technical analysis of ASIANPAINT. Below you can look at weekly charts of ASIANPAINT and my marking on last week’s candle high.

Asianpaint Weekly Chart Dec 2019

The current retracement on ASIANPAINT also touched and is bouncing back from the crucial 50 % Fibonacci retracement levels.

I will be using 100 % Fibonacci extensions levels for my targets and will measure risk-reward on this trade. The target for a weekly long trade on ASIANPAINT as per Fibonacci extension is 1998.85.

Asianpaint Weekly Chart Dec 2019-fibonacci extension targets

As I have mentioned earlier in my technical analysis of ADANIPORTS for DEC 2019, any trade setup with a minimum risk-reward ratio of 1:3 or higher should be considered good for trading. Stop loss on this trade will be 1666.15 and for entry, we need to wait till this weekend. For now, am assuming current price levels as entry and measuring the risk-reward with the target price slightly below the 100 % Fibonacci extension levels.

Asianpaint Weekly Chart Dec 2019- risk reward analysis

On this trade, we are getting a risk-reward ratio greater than 1:3, which is a good trade setup.

Conclusion on ASIANPAINT for Dec 2019

I am very bullish on ASIANPAINT and traders looking to buy this stock should wait for the right entry or use the above-discussed one. Always look for higher risk-reward ratio trades and maintain discipline.

What’s your view on ASIANPAINT? Describe your view in the comment section below. Thanks for reading.

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