ITC – Topped out?

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.

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