The stock seems bullish only if it Crosses the Black trendline with good volumes as Is still far from its 0.5 Retracement level. So buy above 209.5-211 if it breaks.
Although the price has been rejected from the trendline but if it breaks it in Re-test then you can enter in the trade.
All levels are Mentioned on the Chart, Follow me for more!
Like my Idea if...
Strong support 181.55 below, this price stock can slop up-to 174.30
If the price cross 186.35 to be in safe side stock can move up-to 192.70.
The stock moment is very slow.
In support line candle made a tail which shows price rejection.
A double curve has created and having a strong support level.
ITC is one stock that is exhibiting 4 strong buy signals:
1. Price Action - The stock has been trading in a price action value area as indicated in the box. Can zoom out to get a better view. See the linked ITC idea on how to exploit it best.
2. Regular Bullish Divergence - There is a clear bullish divergence as indicated on chart.
3. Declining volumes also...
* Broken 1HR Channel Pattern with strong candle
BUY @ CMP 200.4
SL @ 199.3
TGT @ 204
Please adjust for future rates accordingly!!
Respect Stop loss!!
Disclaimer: All charts are purely for educational purpose only. Invest or Trade at your own risk.
In accumulation zone, the security passes from weak and uninformed participants to strong, informed participants of the market. Clearly it could go higher in coming days if it breaks the 2 year old resistance line.
1. On the 4th of July 2020, I gave the title " IS ITC READY TO MOVE UP OR GOING RANGE BOUND SEE YOURSELF !! and today it is "IS ITC READY TO MOVE DOWN OR RANGE BOUND SEE YOURSELF !!". There is only one thing common that is rangebound in both titles. Why it is so? See in last post point no.4 I wrote is quoting for your consideration " ...
ITC is trading in a value area.
Strategy 1 (Risk Averse but High Margin needed) :Sell Aug 200 CE & Aug 190PE as NMRL - Enjoy the benefits of Theta - Buy back when ranged target gets reached.
Strategy 2 (Riskier) : Buy 195 CE and 195 PE - Sell when range hits on either side.