Target is still easy on ITC. Buyers attraction has been seen.There is still no change;
This is simply to draw your attention , ITC .
Low - 134.85
CMP - 151
CMP - Low = + 16.15
Logically speaking, there is a risk of losing 30% and reward 70% for investors as following trade setup:
Buy @ 148, and 2nd Buy @ 136 nearby with stop loss below low.
The final target for a long run level 220 above, and easy target at 178.
Technically , We will get a price of this stock again 135 nearby shortly to attract the eye for investors.
Posted when the price was 150
ITC
ITCIn daily time frame ITC has made a Bearish Island Reversal. Even though the impact of this set up usually works after an uptrend, we cannot ignore the repercussion in the current scenario. Until it does not negate the bearish pattern AT 165 upside looks difficult. Above that a short term move till 200 where it has a massive monthly and weekly resistance. Downside levels per monthly chart time frame are 120 and if that fails to sustain the next major one is near 65.
Trend and Candles on Yearly Chart Rising Trendline broke in 2015.
For both 2016 and 2017 while it rose but it stayed under the TL, thereby making it a second rung rise.
2017 - Inverted Hammer but White. That was the second major warning.
2018 - Inside Year. Possibly change of Hands.
2019 - Slight and Slow Nudge Down.
2020 - came the push..
160 can be an assessment point.
ITC - Deep Down trend seen - Target 157ITC Limited is always a positive trend stock and the consumer will increase on daily basis, since major people cannot avoid cigarette once they addicted to it.
I did deep dive analysis in ITC and noticed, deep fall in it as per technicals. It was one of challenging analysis in technical in recent times for me, since the analysis is opposite to what it is actually expected to happen in real world.
Target : 157.45
Target date : 20th Sep, 2020
Breakdown seen in descending triangle chart pattern.