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.

Comment:

Finally, It broke 20 ema and moved upside.
Now, it's testing 100 ema in a weekly chart at 218.2, It could go upside till 200 ema on a weekly chart which is at 233.5 and will have to face the resistance.
Breaking 200 ema on a weekly chart could be tough..let's see.

Comment:

As I had mentioned, It has already touched 233.5 on a weekly chart and now faced a resistance there at 200 ema. Now taking support at 50 ema on a weekly chart at 204.If it breaks 50 ema then it could fall till 164 otherwise it will again test 200 ema around 233. Let's see...