ITC - Still looks bearish in 1d,1w & 1month chart

ITC chart still looks in bearish mode..buying will not be a good idea. It will test the support levels at 159 & around 140-136.
Previously, it had bounced upside from 159 level on 12th May (1d chart) it will most probably test that level before going upside.
If it moves further down below 159 level then it will test support range of 140-135. Till then keep an observation..
Also, once it breaks 20 EMA upside, one can think of buying as it moved upward on 20th May (1D chart) but it will face resistance at 50 ema and 200 ema above like it faced on 20th April at 50 ema & 200 ema on 3rd July & 11th Aug.
On a safer side for a long term, it would be better to wait till it breaks 200 ema and buying above 206.

*This view is based on my technical analysis and is for educational purpose only. Please feel free to discuss if I'm wrong somewhere.


Interesting Analysis.
Dear Netzsavvy, Could you please guide us where do you think at which level institutions are buying, because whenever institutions are selling retailers are buying and every time they make fool of investor.
Any thoughts.
netzsavvy ManojKumarBanga
@ManojKumarBanga, Basically, I look at volume chart to understand the big move in a stock. You can refer this below article for more help...
@netzsavvy, Thanks for sharing. I am interested in your valuable thoughts also. Please share your thoughts also on itc for next 3 months and levels upside if any expected.
netzsavvy ManojKumarBanga
@ManojKumarBanga, I have already mentioned and explained it in my views, It's for next few months only. Please read it again, I have already given the support and resistance zone.
@netzsavvy, Thanks for your valuable thoughts
jinsanjoseph ManojKumarBanga
@ManojKumarBanga we can’t fool institutions back, as they have all live data and early access to inside news. But We can increase our probability by analysing past behaviour of the price. at major supports levels one can look for reversal patterns...
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