Generally in such situation there is a major chance for trend continuation after pattern successful breakout.
Here I have marked A and B points that are nothing but the two points on the .Upper is Resistance and Lower is Support.
So If ITC successfully breakout, how to calculate the target?
Target = B - A = 239.65 - 204.35 = 35.30
Roughly you can expect 30 to 35 rupees target. (If trend continues we can get more.)
Where to take entry?
If stock shows breakout , wait for a confirmation candle. You can also use , indicators for confirmation.
If in worst case, stock breaks the support, it can fall further.
Consider this stock for a long term as this stock is commonly known for a slow moving stock.
Stock is fundamentally strong. Stock has a great dividend-bonus history. The Company operates through different segments FMCG , Hotels, Paperboards, Paper and Packaging and Agri Business.
We can expect some positive news for the ITC in current market situation because the Deliverable quantity for ITC stock is increasing day by day.
So in future we can surely expect an Up trend.
Disclaimer : This is my personal analysis for educational purpose. I am not sebi registered. Do your analysis before taking a position. I am not responsible for any profit or loss.
it is consolidating since 1 month