ITC LTDLong
Cup is Ready - Watch out for Breakout
Updated
A break above 194.5 should see ITC back to its price value area between 194.5 and 202.
If break above 194.5
T1 = 198
T2 = 200
T3 = 202
If break above 194.5
T1 = 198
T2 = 200
T3 = 202
Note
Optimists may want to go long on 190 CE July. Thats what i am doing.Remember tomorrow is June expiry - so there can be long drawn out handle. so tread cautiously
Trade active
Updating SL to 12.8; I bought them at 11.8. Its a volatile day today and global outlook is negative. going safe against my instincts!Note
T1 revised to 196Note
almost there!Trade closed: target reached
Sold my position at 14.2will buy again in the nearabouts of 12-13 - it should come down to there by close!
Note
"The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett.Note
I will re-enter only if stock stays in the near bouts of 194 and inside the price value area - will buy July 200 CE options around 2:30 PMTrade active
T1 - revised and original both hit!Purchased 200 CE for T2 and T3
Trade active
T2 in sights - common !Trade active
T2 done; Staying in : tomorrow's earning release may see us breaking the value areaTrade active
T3 reached.Greed isn't letting me exit
Trade closed: target reached
sold at 14.2 (207 level on retractment from 209).I hate gap-up openings.
Note
will re-enter if up-trend sustains above 206 with momentum and volume in favourNote
As long as the stock stays inside the value area marked on chart (194-202); I don't see it falling back to 160-170 level. so those with long term views should stay in rather than booking losses.
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