ITC (Long Term)Fundamentally Great Stock. One can start accumulating it. Wait for close above 150 level.
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.
ITC Weekly 19 March 2020VSA concept in play
Volume rising
RS rising
Getting back to support zone or will it revert from the levels is wait and watch.
Accumulation can be done if one has strong conviction fundamentally for upside and revenue growth.
FOR Educational purpose only.
ITC Monthly Level March 2020Long term support is marked on the chart.
Lets see where will the fall stop.
Accumulation Zone - ITCITC is in a long term Accumulation zone of pricing from 180 - 142 levels, However one should consult their financial advisor before making any decision to buy or sell equities
This stock is not bad for your portfolio as given priceLook at the chart. An excellent level for Investors.
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 Demand Zone (Quality Entry) ITC Strongly breaks the Up Trend
Now finding the Demand (Or) Support Zone ( 183 - 193)
Watch it... Take It (220)...
**Two minds are always better than one**
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.
