ITC: Trend analysis (Strong long bias)

Weekly Time-frame:
Last week ended with strong bullish candle. (Strong bullish bias)

Daily Time-frame:
While analyzing weekly strong bullish candle, on daily time-frame price broke the down trend-line with strong bullish momentum which signify possible trend change.

4H Time-frame:
After breaking down trend-line on daily time-frame, price also broke the 50-EMA and immediate resistance zone/level with the momentum which is high confluence. Then prices made a higher high which confirms the up-trend.

For conservative trading, wait for some correction i.e. pullback towards high confluence area.

Conclusion: As price action on every time-frame confirms long bias, one can initiate a long trade once pullback is over with stop-loss below support zone keeping own risk to reward ratio in mind.

Comment:

As per expectation, prices never pulled back towards high confluence area as broader market and stock itself in super bullish trend.
But there was breakout trade after broke of resistance zone (191-194) for risky trader.
For conservative trader, there is another chance for long trade as today price pulled back towards breakout zone. One can go long ONCE this pullback is over.
Note: Always wait for pullback to over and align with actual trend to minimize loss.

Trade active:

As expected, price pulled back to breakout zone and today price came out of this pullback.
Those who have not enter this trade, still can enter between 198-200 with stop-loss 194-192.
Brilliant trade with perfect entry.

Trade closed: target reached:

Position closed with small profit (Rs. 198.7 to 203.5) as ITC Started to show swings.