ARE WE READY TO SEE VALUE UNLOCK IN ITC | CAN IT RECLAIM ITS GLORY DAYS ?? All levels are marked on the charts. COMMENTS WELCOME
There is a lot of learning and analysis that I would like to share with you through this chart. Kindly switch to Weekly Time Frame for the Broad View and then zoom in on the Daily timeframe for the detailed picture
As per my analysis ITC has been in the news for all the right and the wrong reasons, but we IGNORE NEWS as TA and only follow what the CHARTS speak
As far as ITC is concerned , I believe is it READY to breakout of its MULTI-YEAR Down Trendline.
For now all the signals are right 1. retest of the multi year trendline 2. Breakout failure 3. resting at critical resistance turned support zone 4. Completing of a accumulation phase of over 4-5 months between 200 and 235 levels
Few events or technical triggers needs to happen for us to be able to go LONG 1. Sustain above current levels 2. Breakout above the down trendline 3. Breakout above the last swing high
this stock has really disappointed, would be great if it moves now, although the market just witnessed a small consolidation last week, so do you expect it to gain any momentum?
FourSTechnicalAnalysis
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@Priyanshu_Upadhyay, Yes there is a possibility for a further upside provided the stated conditions are met. Most important being , ITC has to sustain in 215 and 235 range long enough ( > 20 trading sessions) to generate buying interests. That would help breakout from its long term downtrend line
FourSTechnicalAnalysis
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True Value Unlocked....Holding for 1+ year and enjoying the RIDE :-)
akash5767
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Immediate target itc ??
FourSTechnicalAnalysis
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@akash5767, Short Term Target would be the retest of the last Swing High which is in the range of 260-265. Do note that there is a "potential" Head& Shoulder Pattern formation that could happen if the stock fails to close above 245 in the subsequent attempt. As TA we need to rule out the H&S to go Long. Thus I would recommend a LONG only after close above 245 in Hourly time frame. This is not a buy recommendation and only my view on ITC. Please use your discretion while trading