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Div_Trader
Apr 28, 2021 3:13 PM

ITC - How many Times will 200 Hold ? Short

NSE:ITC60
ITC LTDNSE

Description

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200 is acting as support but its been tested too many times...

Lower highs structure is bearish for the stock.

I am betting on it to break and move lower towards 185 and then 175 and maybe even lower.

Invalidation of the structure will be higher low and higher high.

Trade active

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Bearish Structure still remains

200 has been test for 7 times now... Next time it goes through it like a hot knife goes through a block of butter.

Idea invalid if starts closing above 216.
Trend AnalysisChart PatternsTechnical IndicatorsBearish Patterns
Comments
CapitalGain360
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yes same view but if you just look at the volume data its squeezing that means its loos its momentum so may can pulled back from here
Div_Trader
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@CapitalGain360, May Fill the gap at 213 but the structure doesn't change until closes above 216.

Selling accelerates under 200 only.
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