Bullishly

Possible swing in ITC

Long
NSE:ITC   ITC LTD
Beautiful price action, all info mentioned on chart.

Thanks and Regards,
Bullishly

Comments

Hi it has gone down. Any chance to reach 230?
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Bullishly Gondu16
@Gondu16, The stock is currently near the last consolidation breakout levels(210-212.5) and slightly below its 50ema. If a reversal happens from these levels, the stock might move towards the upper levels.
However, if the stock starts to trade below 209-208 levels it might retest its 200 ema on daily timeframe which is around 204 level.
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Gondu16 Bullishly
@Bullishly, as you said it has reversed. What target can we expect short term?
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Bullishly Gondu16
@Gondu16, If it crosses 220 with good volumes, the next resistance zone(short term target) is around 225-228 levels. Above 230, next possible target around 240. Hope this helps.
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Change of polarity.. highly bullish pattern.
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Also, I see that 223 was tested multiple times. Thus it should make that resistance weak. Let me know if I am wrong
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Bullishly confidentKing47263
@confidentKing47263, Support and resistance areas become weak when they are tested multiple times in a short period. However, we should not take a trade based on the assumption that this weak support/resistance will get broken. Only when these areas get broken with good volumes, we initiate a trade. Hope this helps.
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