ITC analysis (12th April 2020)
i feel ITC is up for a slight correction on the downside.
Reasons:
1. In the daily chart its at a resistance zone, in the hourly time frame the price is being rejected constantly.
2. Rsi in weekly is below 40 (bearish).
3. RSi in daily about ti check the 60 levels and is up for a range shift.
4. hourly rsi is above 60 so i am not going to short it right away, waiting for another check and reject of the resistance zone and once it breaks below 40 rsi in 15 mins time frame. then is my entry.
On the contrary:
hourly rsi indicates strength and if the daily candle break above the resistance and break the 60 zones then i might wait for a pull back to go long.
Reasons:
1. In the daily chart its at a resistance zone, in the hourly time frame the price is being rejected constantly.
2. Rsi in weekly is below 40 (bearish).
3. RSi in daily about ti check the 60 levels and is up for a range shift.
4. hourly rsi is above 60 so i am not going to short it right away, waiting for another check and reject of the resistance zone and once it breaks below 40 rsi in 15 mins time frame. then is my entry.
On the contrary:
hourly rsi indicates strength and if the daily candle break above the resistance and break the 60 zones then i might wait for a pull back to go long.
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