ITC LTDLong
ITC LTD BULLISH WITH CONVERGENCE OF SMA SUPPORT NEAR 430
ITC Ltd. is an interesting chart to keep on radar and buy on dips with following
1. RSI on all time frames i.e. Daily / weekly/ Monthly above 60
2. Convergence of Moving Averages i.e. 20 day SMA =432
50 day SMA= 433
100 day SMA = 425
200 day SMA = 430.50
Making it a case of Strong strong price support at 425-435 levels.
3. Price Making higher highs for last 3 days
4. Price Close above both last week and last month's high
5. ABCD pattern under formation on weekly chart
Fundamentally :
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
Company has been maintaining a healthy dividend payout of 92.4%
Can be a very better Risk reward to buy on dips and dips only with SL below Moving Average Convergence zone i.e. 420-425
CAUTION: MINOR RESISTANCE NEAR 460-465 ZONE
Lets See How it evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
1. RSI on all time frames i.e. Daily / weekly/ Monthly above 60
2. Convergence of Moving Averages i.e. 20 day SMA =432
50 day SMA= 433
100 day SMA = 425
200 day SMA = 430.50
Making it a case of Strong strong price support at 425-435 levels.
3. Price Making higher highs for last 3 days
4. Price Close above both last week and last month's high
5. ABCD pattern under formation on weekly chart
Fundamentally :
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
Company has been maintaining a healthy dividend payout of 92.4%
Can be a very better Risk reward to buy on dips and dips only with SL below Moving Average Convergence zone i.e. 420-425
CAUTION: MINOR RESISTANCE NEAR 460-465 ZONE
Lets See How it evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Disclaimer
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