ITC has brocken out of the channel where it was trading for quite a some time. Stock has already tested the upper boundary indicated by blue line(positive sign), once stock goes above green line then it becomes potential buy. Wait for stock to break green line.
Britannia has just hit it's long term support trend line and stock has always respected it in the past, plus there is contraction in price movement confirming to triangle. Stock is consolidating about 38% fibonacci retracement level. All factors are indicating a big potential move.
This is a 45 minute chart of UBL.
Stocks formed a bearish Head and Shoulder pattern at higher levels and broke down. Now its retesting the neckline at 1364 levels which may be a good selling opportunity.
Sell UBL at around 1360 with a closing stoploss above 1375 targets can be 1284 and 1256.
posting it because someone asked me to do so on twitter!!!!
let it come to the levels where it would be a favOur able risk reward as it is always better to not to take a trade then to take a wrong trade ...
i can be wrong!