ITC LTDLong
Possible Ascending Triangle breakout
Updated
The overall trend of ITC appears to have reversed from a long term downtrend. The MLY, WLY, DLY and 4h time frames suggest the trend is Up for the immediate medium term.
Based on this, price appears to be forming an Ascending Triangle pattern - A bullish breakout pattern. The target is indicated by the Blue horizontal line.
Trend line analysis and Support Resistance levels are only used in the analysis at multiple time frames.
There maybe a short term reversal or break of trend line in 4H time frame. Wait for a conclusive breakout above the S-R level before initiating long trades.
Disclaimer: This is shared as an idea and not a recommendation. It is a guesstimate of what the price may be down the line. Please use this for your further analysis and based on your own analysis and risk management initiate trades accordingly. I'm posting this as a means to further improve my knowledge and receive further knowledge from others.
Based on this, price appears to be forming an Ascending Triangle pattern - A bullish breakout pattern. The target is indicated by the Blue horizontal line.
Trend line analysis and Support Resistance levels are only used in the analysis at multiple time frames.
There maybe a short term reversal or break of trend line in 4H time frame. Wait for a conclusive breakout above the S-R level before initiating long trades.
Disclaimer: This is shared as an idea and not a recommendation. It is a guesstimate of what the price may be down the line. Please use this for your further analysis and based on your own analysis and risk management initiate trades accordingly. I'm posting this as a means to further improve my knowledge and receive further knowledge from others.
Trade active
Price came down to the wild market crash. However, it is taking support from the WLY S-R zone. Wait and watch. If price goes below this zone, then trade will be closed.Trade active
Hold. Price is holding up at WLY S-R zone. If it breaks then trade can be closed.Trade closed manually
Price has breached the WLY S-R Zone. Better to cut losses for the time being
Disclaimer
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