ITC is trading at monthly 200EMA support along with Fibonacci support. From here downside is limited considering fundamental ratios. Not expecting much from results. However, there is a strong demand zone at 150-165. ITC can be a big bet for the year 2021.
CMP - 174.75
Short Term Target - 190
Mid Term Target - 220
I had given an outbreak call on ITC based on a condition.
Condition being, if it breaks above 175, we could see a big move.
Just look at the charts. It reversed exactly from the resistance. Now, it has moved swiftly towards the support.
There can be two trades here.
1. If ITC pierces through the support, it is a short below 166. Short at 166. Target at 157....
Honestly, if there was an ever an example to use to teach someone resistance, it's this. Reverses from the trend line every chance it gets.
Imagine the psychology of a trader if it breaks the barrier.
Buy above 175 with an open target. It will move! NSE:ITC
ITC is trying to break the 174.80 on hourly setup for the 4th-5th time. If it manages to break this, it could be a huge move upwards. Buy @175. Target @180. SL@169. CLSA has upgraded the stock too. This could be huge for the stock!
The movement RSI above 60 + price above 202.25 and hold level for minimum 15-20 minutes a good buying expected * only this scenario for buying✓. If open with big gap and gap down * not trade×.
Disclaimer:- your capital at risk. Consult with your financial advisor before do any action and trade with own analysis and research.
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 " ...
1. In last week's post, I mentioned in the trade plan next week is quoting for your consideration. " if the price takes out a yellow line with the above-mentioned condition then the trend will change to upside." See in the last post I showed you two patterns circled in white and red. The white one evening star and red one dark cloud on...
Hi Traders & Investors,
Almost a few weeks ago, I posted my analysis on ITC where I mentioned two conditions is quoting for your consideration " If this is taken out on a 2hr time frame then the structure will change and the price will move down further. On the contrary, If the price...