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Itclong

ITC Possible 25% upsideITC (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 ITC has gone past 40 levels, the stock has given a good 15% - 25% price appreciation. Also, the current PCR level is 0.45 which is a good sign for price reversal. Strong conviction will come if stock is able to hold the current levels and go past 175 with good volumes. Considering festive season is round the corner and the stock has already got beaten down so much I think the stock can go upto 200-210 levels. I will be closely watching the stock this festive season. T1-180. T2-190, T3-200; SL-160. Trail the stop loss by every 10 points once it starts achieving its target levels. Duration 1.5 months. ( 30 Nov 2020)
NSE:ITCLong
by Mayur_Undale
23
Interesting formations on ITCOkay, 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 drawn a trendline on the highs. It looks like even that trendline was broken on close of this week. Again, with pretty good number. Keep this stock on your radar. PS: This is NOT for traders. I was asked to give my input on ITC and I am doing that. If you are an investor, now is the time when you can think of assigning capital to the stock. If you already have positions, hold the stock. If you guys have time, I would also request you to read through my ideas on ITC. Targets were achieved. :) I post ideas frequently. Give me a follow and comment "interested" if you want to join my telegram channel. NSE:ITC
NSE:ITCLong
by sankatradesindia
1