ITC Symmetrical Triangular Consolidation
NSE:ITC ITC LTD
Gradual up move from the low of 178 (Feb 2016) towards the all time high of 354.80 (Jun 2017) resulted into above mentioned corrective phase and such a breakout shall be considered as a continuation of an uptrend.
In an event stock has also stepped above its four-five months old sideways congestion bands, for which the probability of further gains rises.
On a lower degree scales, stock is seen forming a higher highs and lows, which also confirms a sharp trending move on the upside in the near term.
Important oscillators are also favouring a buy setup, includes 14-period RSI which has crossed 60 levels and also heading higher, ADX (14) also showing strength in the ongoing momentum and MACD has already generated a fresh buy signal.