ITC - Explosive Breakout is need to be witness

Thenali_Views Updated   
Hi Friends,

We are now going analysis the ITC Ltd!!!

ITC was in the consolidation phase for more than 9 Months.

Let Analysis the possibilities:

1. Script was in the consolidation phase.
2. Script Volatility was being Flat.
3. Script was in the descending triangle pattern
4. EMA 200 was flatten from downtrend
5. MACD in Hightime frame i.e. Weekly was flat.
6. Stochastic RSI in Daily and 2HR time was in Oversold region. In weekly TF it was nearing Oversold Region
7. The script was in the Support Zone with Strong Buildup.

As per our analysis, the script breaks the Triangle pattern . The script may witness the huge move.
As per our though we call this script will be brakes in bullish side.

Hence, we can go Long once the breakout happens with small quantity and once pull back (like Bull Flag etc) or Retest we can add the script (For Conservative People)
For Aggressive and for good Risk to reward:
We can go Long now with value of 199-203

SL - 199 - 1ATR.


Stochastic RSI



Consolidation Phase:

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Comment: ITC was forming in inverted H&S in uptrend

Trade active: Trade is active and bought at 206.25 on 30-Aug-2021
SL - 196.20


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