@ajinkyaghadge52, can't say about reversal yet, but definitely, it is not a retest. It has convincingly broken the support at 221. Again 215 - 217 levels seem to be important after which if it goes down then there is support at the level of 200 if broken then straight to 190. It seems that 200 is a very important no. for ITC as it acted as a resistance or support for a very long time. In my opinion, any new entry must be around this level based on the price action. This is what I think and I am still very new. Hope this helps. Kindly give your inputs too.
ajinkyaghadge52
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@arunkrmishra2000, Thanks for your view on this stock ...when it broke yearly trendline with huge volume , I was sure it was a breakout, but this week its showing weak momentum. . I had entered around 227 with some quantity. but seems my analysis is incorrect. This stock is really confusing price action study.
@apoorvsinghasr, YES THE STOCK IS REALLLY SHITTY ....WONT TRADE IN THIS STOCK EVER ....DOESNT FOLLOW ANY PRICE ACTION...WORST STOCK .....OF ALL TIME ...€I HIGHLY RECOMMEND NAYONE SHOULDNTTRADE IN THIS STOCK ..ITS VOLATILE AND DOESNT FOLLOW ANY PATTERN...
arunkrmishra2000
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@ajinkyaghadge52, I remember that when in 2017 I was trying to understand the basics of the Stock Market I told my Father that I am going to buy ITC for long term. My father said never buy ITC. Even few weeks back when I entered this trade I told my father about it and he said ITC is not a good bet and shook his head. So now even I am thinking that it is not a stock for Swing Trading. But the important thing I am learning in Technical Analysis is that we trade patterns, not stock. So no Love or Hate for any Stock should be our motto. :).
ajinkyaghadge52
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@arunkrmishra2000, Yes right bro. But choosing stocks with liquidity makes money thats why I think this ones a bad stock. Even my brother had warned me against this one as it lags any pattern. Still holding .will see by the end of this week Btw you can check my effort understanding this stock in my latest posts.. haha
arunkrmishra2000
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@ajinkyaghadge52, Saw your posts. Those are very good. But we should know that its all probability and sometimes results may simply be not in our favour. I am not qualified enough to write such big statements (more failures than successes) but this time I have decided that I will not leave the market without a fight :).
or is it a retest