Hi All ,
Just a few observation on ITC time study (This is not price study).
Every rally is getting corrected in half time of previous rally ,So if this 3 bar correction rally will get corrected in 1.5 bars i.e 7-8 days i.e BY 17the march ????
If yes you know where will be NIFTY.
If we study ITC, RIL , Infy we will get fair idea on where will be...
Hi friends,
ITC results came out on Friday.
I'd go short on ITC for 3 reasons :
1. Risk Reward is much better.
2. If the news couldn't make the stock go higher intraday, makes it more probable to go down further.
3. Volumes
And also I have drawn my lines to illustrate levels which are significant according to me.
So,
as for now, I'd go short...
ITC always suffers due to budget. Increased taxation on cigarettes is expected this budget, as every other budget.
ITC also has tested resistance again. And a powerful bearish piercing pattern with above average volume.
Short futures or buy cheaply ppriced OTM puts for quick profits after budget.
ITC reacts to budget as every year tax imposed on tobacco products are increasing. Anticipating the same from upcoming budget as well. Also given an example of Cup and Handle pattern, just for educational purpose only.
Can someone expect ITC to fall to 225 - 222 regions by union budget?
If that being the case, will 230PE February which now trading around 3 should test atleast 6.10...! Will it?
from latest swing low its retraced 61.8% and further it retraced to 161.8% and still it has potential to touch 261.8% . according elliot its 5th wave is still remain so it could possible up move otherwise cos it has formed double top so maybe it can go to lower channel to test channel or . its also showing flag pattern on current situation. it has higher...
Trade able Wolfe wave with RSI divergence can generate a reasonable trade at this juncture. One can take advantage of it with small Stop Loss and good risk to reward ratio. Good Luck
ITC has generally shown weakness compared to the FMCG Index and underperformed the BSE500 in the past 3 years. The current price is also below the 52 week EMA. The relative strength benchmark is also showing sideways movement over the past 2 years. The stock is still in bearish territory. I would watch out for the breaks in the trend shown on the RSB and 52 week...
As ITC has been trading in down trend and trading in lower low fashion, it closed at 23% fibo level, It seems it may see upside movement up to 50% fibo level and from this level we may see further down trend up the long term support somewhere between 212-210. trader may enter long if tomorrow open in green with target of 240-243.
Price rejected at the upper parallel of the blue fork, which is a bearish sign.
The Magenta Fork is a "Reverse Medianline". It has a lot of touches, strengthening its validity.
I would look for the next buying opportunity, if at all, at the lower parallel of the Magenta fork or at the medianline of the blue fork.
If not, price at least has to reverse the...
ITC did a correction with the marked in green ABC. Then it had made a 5 wave move up and a zig zag correction marked in blue. We can expect wave 3 to end at a 138% or 161.8 % projection of wave1, which is 300/- or 320/-.
With Bearish Cypher with PRZ delimiter at 276 ITC showing weakness in weekly charts. confirmation below 248
Target 232/212
SL 266
short only below 248
its gonna be a big trade as its weekly Tf pattern
I really don't know what to write in description, everything is in chart itself. I'm really bored with Fx markets, thats why posting equities :)
(i) Enter after valid confirmation only
(ii) Use tight stops, if we are wrong on direction, Tight stops help you to cut down loss
(iii) Check your risk & trade plan once before entering the trade
If any specific doubt...
