ITC is holding up quite firm. Stock was in uptrend all the way till August.
However rally has been seeing exhaustion and stock is consolidating in a narrow range between 50 and 200 EMA.
Consolidation usually leads to big moves. Directions though are not specified.
50 EMA is strong support whereas 200 EMA is strong resistance.
Stock is respecting the trend line as of now. Wait out for a signal to initiate a buy or short sell.
NOTE:- Do your own analysis before taking any bets. This is my personal opinion.
However rally has been seeing exhaustion and stock is consolidating in a narrow range between 50 and 200 EMA.
Consolidation usually leads to big moves. Directions though are not specified.
50 EMA is strong support whereas 200 EMA is strong resistance.
Stock is respecting the trend line as of now. Wait out for a signal to initiate a buy or short sell.
NOTE:- Do your own analysis before taking any bets. This is my personal opinion.
Comment:
Broken trend line but sustaining the 50 EMA support. Also there was neither a big red candle on the break down neither high volume. Looks like a fake breakout. Neutral stance as of now. Waiting for clear signals.
Trade active:
Short at 192
Trade closed: target reached:
Covered at 170
