India, May 14 -- This pattern indicates weakening selling pressure and steadily increasing buying momentum, signalling a potential bullish move ahead. An inverted head-and-shoulders pattern consists of three troughs, with the middle one forming the lowest point (head) and the two outer troughs forming higher lows (shoulders).

On Wednesday, Asian Paints Ltd broke the resistance neckline in the 4-hour chart and ended the session at Rs 2,615. And the previous resistance level at Rs 2,608 now acts as a support zone. With any push in buying volumes, the price may move further up; below this level weakens the bullish outlook.

Targets are generally set near resistance levels or by projecting the height from the head to the neckline upward. Tra...