As visible, the selling volume is not sustainable. It's a High RR trade! We can see the Doji forming along with a Hammer Pattern on Daily TF! Buyers should kick in soon.
Any questions? Feel free to reach out to us!
Jago Niveshak Team
ITC is a retail favorite, however, for the past 7 years, the stock has not done anything. Looks like all that is about to change. Chart is self explanatory. I have shared a monthly chart (log) and have also included Fibonacci retracements on this one.
In ITC we can see a recent breakout in Weekly Chart with very good volume. An upside above 263 can take the stock around 280-285 in short term. For long term (6 months to 1 year) we can look at target around 310-320+.
A retrace if possible this week then one can accumulate around 250-245 as well.
Stop loss in the trade should be 230 below strictly.
EXPLANATION : This is a 1 hour time frame chart of ITC . The stock has been consolidating for days in a descending channel and formed Falling Wedge pattern , If stock taking support from Demand zone we buy at the bottom and sell at the top. I am seeing a very good buying opportunity in ITC because of many reasons . If give a strong breakdown and broke its Demand...
ITC Broke out after many years hahaha ...... NSE:ITC . I have mentioned in the above chart with targets and stop loss.
Trade safely... This is only my idea... Share your thoughts guyss... Have a good day....
ITC is has created a symmetrical triangle after falling in COVID Crash and currently resisting at around 240, which is near to falling trendline resistance on the monthly candle bar.
Considering a long consolidation of the past 6 month has created a strong base of buyers.
If stock retraced around 215-225 then, buy in small quantity till to 245 will be a good...
though it has good volumes but we need to go by the books now if monthly candle closes above yellow trendline we are good to go magnetic move will come in itc to achieve 289 but if candle monthly closes below yellow line then it may be a problem and invest for long term