NSE:ITC is looking weak on daily and weekly charts. ADX just crossed 25 ( threshold that I consider ) for directional movement. The downside momentum can continue for targets mentioned on the chart as T1, T2 and T3. The conviction comes from simple price action setup ( weekly doji close and the current week candle closed below doji close ) and open interest data
Positional weekly target also listed if we close below T3 decisively.
Let's see how the story develops. Best wishes!
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TIA!
Trade active
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Making bearish engulfing on daily and weekly and also a monthly tweezer top in making. Will show more decline. Carrying shorts for next week