Tarun_Kumar98

ITC Trading Setup

Short
NSE:ITC   ITC LTD
Previous strong support will now act as resistance.

Comments

Nothings gona stop itc from now, better than buying gold, only resistance to come after 750 or 800 after covid vaccine news success, 1year it will go above 1500,after that no turning back
Reply
It's making higher lows and the risk/reward sucks
Short only below 186 or go long with a SL of 186
Also the consolidation range is getting narrower
Reply
Tarun_Kumar98 yashdante10
@yashdante10, Rs. 4 risk against Rs. 11 profit target. How is this risk to reward bad?
Reply
yashdante10 Tarun_Kumar98
@Tarun_Kumar98, There's a HUGE support at 185 ( 200 SMA) so that makes the reward only RS 6 and Risk of Rs.5 ( SL 196)

Instead if you go long with a SL of 185 then risk is Rs. 6 and reward is Rs.15 ( Rs.205 next resistance)
Reply
yashdante10 Tarun_Kumar98
@Tarun_Kumar98, Also the risk is higher because it's making higher lows continuously for the last 3 days and that decreases the probability of your trade.
Reply
yashdante10 Tarun_Kumar98
@Tarun_Kumar98, SL Hit?
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Tarun_Kumar98 yashdante10
@yashdante10 Yup. incorrect analysis this time. :)
Reply
Tarun_Kumar98 yashdante10
@yashdante10 good analysis
Reply
yashdante10 Tarun_Kumar98
@Tarun_Kumar98, More respect for you now bro 👍
Reply
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