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The stock formed engulfing pattern after significant rally from 646 to 921.
on engulfing day jan30, 2015, volume was good and latest bullish body covered by bearish body and next day also continue the same.
Even RSI signified that it crossed level 70 that means the stock was over bought/ over valued.
Trade Plan: ASIANPAINT -Engulfing bearish – Short position can be considered.
Entry@865, Stop Loss@922, Target@ 780
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