virralthakkaar

ITC Futures

Long
NSE:ITC1!   ITC FUTURES
ITC Futures

I am unable to understand the reason why is ITC Futures underperforming because there are so many bullish signs in the charts.
1. The candles in the daily charts have made a patter called triple bottom which means that ITC Futures are supposed to fly but there is a resistance at 212 levels.Next resistance can be seen at 216.10 but the pattern means that ITC Futures have collected a lot of strength here and we should soon see a price tag of 220 / 226 / 230.
2. Divergence indicator in RSI on the daily chart has issued a Hidden Bull sign.
3. There is an ascending triangle pattern on the hourly chart which again is a bullish pattern but RSI has broken the 50 levels downwards so if we see a positive opening and one push with a decent momentum this can be changed to a bullish sign in no time.
4. Daily charts which is a 15m chart is a little scary as the pattern seen is a descending triangle and this is a bearish pattern . It is opposite to the ascending triangle being made in the daily charts but looking at the bigger picture, I get a lot of confidence. One breakout and the pattern can be broken.
5. RSI will form a double bottom if we get a gap-up opening as well.

The lot size of ITC Future is 3200 shares. This is a very big lot and you can trade in cash if you are not comfortable to hold such quantity or take such big risks. The stop should be maintained below 201 levels.

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