ITC WEEKLY BULLISH FLAG PATTERN BREAKOUT IS VISIBLE

SUMMARY:-
-stocks tends to have sharp ralies in the direction of the brekaout
-it is a continutation pattern
-delivery volumes and open interest data also support
-rising volumes after brekaout actually help support pattern
-itc has actually broken above 273 on weekly basis that is a good sign
-273 was acting as a major hurdle for the stock
-since we have achieved a close on both weekly and daily chart
-itc will now use 273 as support
-once we break above 276 we should see 282-283 in short while
-once we have achieved a close above 285 we will move towards 291-295 zone
-since 300 will act as crucial resistance for the stock
-a close above 300 simply means a move towards 320-330 zone
-it will be very interesting to see what happens in the resistance zone of 320-330
-we have seen two top island reversal pattern in the zone from were stock has fall 40%-to-70%
-difference in itc future and spot price is due to discount in of dividend

weekly chart spot and futures

TO BE UPTO DATE
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DISCLAIMER
*my views are not trade recommendation
*please consult your financial advisor
*do not over trade
*manage risk and manage risk appetite