Asian paints formed a triangle pattern. The triangle formed between 18-Sep-2017 to 28-Nov-2017. The volume is less during the triangle formation indicating consolidation and it broke out on the bearish side. We can take a short position. The entry price is 1122.5 and the stop loss is 1260.5. It crossed the entry price on 04-12-2017. The risk here is 138 (1260.5 – 1122.5). The target price should be 984.5 (1122.5 – 138). It has neither achieved target nor triggered stop loss yet.
Triangle Bearish Breakout – Asian paints
