AbhishekHSinghCMT
Long

ITC - Killroy at 290 can fail under 265

ITC (NSE:ITC)  
NSE:ITC   ITC
579 17 16
Killroy or Inverse Head & Shoulder Pattern as termed by "Edwards & Magee in Bible book- Technical Analysis of stock trends" is a must copy every analyst should have on his desk.

ITC             is facing resistance in the zone 280-290 & Killroy could give boost to ITC             if it moves above 300 else failure to move above 300 & dips below 265 can spoil the ITC             party.

Trading Strategy

Scenario-1
Killroy can fail if ITC             dips below 265 keeping 290-300 zone intact as resistance.In that case possible retest of 220-225 later 200 & finally 175-180 zone which is nose bottom.

Scenario-2
Moving above 300 & sustaining above 290 likely measures the depth of Nose shown by orange line as target distance which is 250-180 = 70 points added above 300 gives target 370
Trade active: 12:01 Hrs 7th April2017

Last Price@273

It had a fall below 280 for 270-271 - not a convincing fall -going below 265 we should get some clue else, bounce back cannot be ruled out.
We won't hurry here & look for a bounce from ITC & then decide what to do next.
Trade active: 19:39 Hrs 11th April2017

Last Price@282

Got the bounce from 271 as suggested in the last update above on 7th April2017

Trade closed manually: 14:45 Hrs 18th April2017

Closed at 279.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thank you Abhishek for analysis
Reply
@piptamil, Hi, After a long time. How is your trading going on.
Reply
piptamil AbhishekHSinghCMT
@AbhishekHSinghCMT, Im here Abhishek yes not as before.Yea trading going great.Working in IT so some busy schedules.Planning to take trading as full time :)
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@piptamil, Never take any decision in hurry.
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piptamil AbhishekHSinghCMT
@AbhishekHSinghCMT, ha ha yes not at this time..but in future for sure.passinonate about trading.
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Free Pdf Book of "Edwards & Magee in Bible book- Technical Analysis of stock trends" is available on this website http://phoenixacademy.co/ebooks/ta.pdf
Reply
@HappyVijay, I have all physical books & thanks for updating to the community.
Reply
HappyVijay AbhishekHSinghCMT
@AbhishekHSinghCMT, Can you recommend any Good book for Predicting Time Cycle or Time & price Square.
Reply
thanks for the reco. added in the book collection :) Gyaan from CMT is always handy :p
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@dravya, Welcome
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