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
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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
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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
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14:45 Hrs 18th April2017
Closed at 279.
Comments
piptamil
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Thank you Abhishek for analysis
WaveTalks
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@piptamil, Hi, After a long time. How is your trading going on.
piptamil
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@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 :)