nano6yogesh

ITC – Topped out?

Short
NSE:ITC   ITC LTD
ITC NSE:ITC is facing very strong resistance near 290 levels.

It has been struggling around these levels since past few days.

Now that the results are also out, looks like profit booking has started in this stock.

I can see a Double top formation with a negative divergence as well as a Bearish Engulfing candle that it formed today.

Good opportunity to short with a stop loss a few points above recent highs and first target around 266 levels.

Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.