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Itclong

Swing SetupEXPLANATION : 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 zone with high volumes and retest the same , I am bearish on ITC . Always be extra cautious with breakout trade with confirmations . If you like this analysis give a Like // Follow for more updates , let me know in comments below :)
NSE:ITC
by pranav_nanavare
4
ITC Long Position in CashITC 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 investor move. Above breakout of 240-245, buy-on dip should continue till all-time high breakout. Above all time break out, conside a TGT fpr 600-630-650 as profit booking zone. Time is not considered but since, all stock had bull run then ITC, possibly a new high of CNX Nifty could come with support of ITC.
NSE:ITCLong
by UnknownUnicorn15746477