ITC in a breakout positon
Earning is on 25th may
1. 7%+ rally before earning season
2. divergence on money flow
3. resistance on 190-193 level (Technical analysis)
4. Resisitance as per option chain data is at 200.
Option chain data
Resistance strike 200 call - 33.5 lakh OI
Support at strike 180 put - 14.8 lakh oI
Bear looks more powerfull here.
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As said earlier in ITC, just followed our levels beautifully,and i told to go long, it gave awesome results,
Now what i feel is to sell from the rise,when? If it slips below 176.3, expect a very good fall.
So short below 176.3 for trgts 170, 165 and 160. Anything...
VSA concept in play
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.