ITC is one stock that is exhibiting 4 strong buy signals:
1. Price Action - The stock has been trading in a price action value area as indicated in the box. Can zoom out to get a better view. See the linked ITC idea on how to exploit it best.
2. Regular Bullish Divergence - There is a clear bullish divergence as indicated on chart.
3. Declining volumes also confirm the divergence.
4. Pullback from 50 DMA - The stock has taken continuous support from the 50 DMA since its uptrend in May and unless its breaking that trend due to a significant correction in the Market over the next week, the pullback offers a good entry point.
So I would be going long on CMP with a SL at 192.
Risk averse may want to take positions above 195 (50 DMA).
Immediate targets would be 196.5, 198, 200, 202.
If it sustains above 202 on the hourly chart - there is a gap to fill opening targets 207, 210.
P.S. I see a lot of traders here posting statutory warnings about how they aren't responsible if the reader loses money by following the idea blindly. Same Pinch!
1. Price Action - The stock has been trading in a price action value area as indicated in the box. Can zoom out to get a better view. See the linked ITC idea on how to exploit it best.
2. Regular Bullish Divergence - There is a clear bullish divergence as indicated on chart.
3. Declining volumes also confirm the divergence.
4. Pullback from 50 DMA - The stock has taken continuous support from the 50 DMA since its uptrend in May and unless its breaking that trend due to a significant correction in the Market over the next week, the pullback offers a good entry point.
So I would be going long on CMP with a SL at 192.
Risk averse may want to take positions above 195 (50 DMA).
Immediate targets would be 196.5, 198, 200, 202.
If it sustains above 202 on the hourly chart - there is a gap to fill opening targets 207, 210.
P.S. I see a lot of traders here posting statutory warnings about how they aren't responsible if the reader loses money by following the idea blindly. Same Pinch!
Comment:
If it breaks with conviction below 192, will initiate short positions
Trade active:
Buy at 193
Trade active:
Trailing SL modified to 194
Comment:
194.5
Comment:
I use VWAP as Trailing SL if anyone's curious
Trade closed: target reached:
Trailing SL hit
Comment:
I will re-enter long positions at 193 levels
Related Ideas
ITC - Price Action
raj_rishav
about ITC