This is a trend based analysis of
ITC
. Price is looking bearish on MLY, WLY, DLY and 4H time frames. Further, a Descending Triangle pattern is emerging further confirming the Bearish bias. For the near term future, going short looks more profitable.
Go for a 1:1 initial trade and if successful trial SL to lock in profits.
Indicators Used:
RSI and Volume
Trend lines at different timeframes.
Support - Resistance levels at different timeframes.
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.
I'm currently invested in this stock.
ITC
. Price is looking bearish on MLY, WLY, DLY and 4H time frames. Further, a Descending Triangle pattern is emerging further confirming the Bearish bias. For the near term future, going short looks more profitable. Go for a 1:1 initial trade and if successful trial SL to lock in profits.
Indicators Used:
RSI and Volume
Trend lines at different timeframes.
Support - Resistance levels at different timeframes.
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.
I'm currently invested in this stock.
Comment:
Missed another point. If price goes below the recent low of 199.10, then bearish trend might been established firmly. However, there are many buyers considering ITC is a value buy, the buyers can enter at these levels and support price from falling further. As long as volume is less, Bearish trend looks to continue.
Trade closed manually:
Price broke the descending triangle and did not move as expected.