ITC (CMP: 172.20) Date: 12 Oct 2020 Interesting setup in ITC. Today's price has broken the falling trendline and most important point to note is that the volume breakout is 3 times than the avg. volume in the last 40 days. The only concern is that today's inverted hammer candlestick couldn't give breakout above the 20 DEMA. However, since Covid, whenever RSI in...
Okay, here is my thought process on a laggard. Let's look at the base trendline first. This trendline was drawn first on monthly charts to see where the stock has taken very strong support in the past (circled). "An earlier support later becomes a resistance". ITC has attempted to pierce through this line with good volumes. Next, on the weekly charts, I have...
ITC Forecasting , Positive RSI divergence ITC is trading at its crucial support around 165 & Now RSI is also accelerating Positive divergence towards demand zone. We can see first moves toward 180 if it successfully cross the 174. If it fail to hold 165 then we can see next support at 157.
ITC is near multiple support level of 166.3. Now trading near 170.5. ITC can be buy at CMP with stoploss of 165.5 & target of 177.5 , 181.2 & final target of 190.
Take not more than 3% Risk of your Principal Amount!!!
1 Month - Downtrend 1 Day - Sideways 1 Hr - Sideways 15 Mins - Downtrend Monthly chart 1st support 153 2nd support - 141.10 1st resistance - 196.35 2nd resistance - 230 Daily chart 1st support - 165.3 2nd support - 156.0 1st resistance : 196 2nd resistance - 209.75
Please follow these rules while taking a trade : 1. It should break the ongoing channel (Checked). 2. The volume of breaking candle should be high (Cheked). 3. There has to be a retest (Checked). 4. Make a position only after the retest's second candle (Checked). Do let me know if you have any doubts related to the trade.
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!
Great Setup ! NSE:ITC
as per this chart itc is around strong support zone price 193 -194.5
ITC is forming XABCD bullish butterfly pattern! Go long after bouncing from PRZ zone(green rectangle) achieve for targets marked(red thick lines) Trade with SL and trail the profit!! Happy trading!!
Wait for the right time. Buy around 193-94 and set you target at 202 and further target is 210. SL is 190. further supports are also given if situation goes to worse.