sankatradesindia

Interesting formations on ITC

Long
NSE:ITC   ITC LTD
Okay, here is my thought process on a laggard.

Let's look at the base trendline first.

This trendline was drawn first on monthly charts to see where the stock has taken very strong support in the past (circled). "An earlier support later becomes a resistance". ITC has attempted to pierce through this line with good volumes.

Next, on the weekly charts, I have drawn a trendline on the highs. It looks like even that trendline was broken on close of this week. Again, with pretty good number.

Keep this stock on your radar.

PS: This is NOT for traders. I was asked to give my input on ITC and I am doing that. If you are an investor, now is the time when you can think of assigning capital to the stock. If you already have positions, hold the stock.

If you guys have time, I would also request you to read through my ideas on ITC . Targets were achieved. :)

I post ideas frequently. Give me a follow and comment "interested" if you want to join my telegram channel. NSE:ITC