When to sell_ ITCNamaste!
I have been tracking ITC for quite some time. Now, I see an upcoming bearish momentum in the coming weeks.
Q: Why am I saying this?
A: Well, all time high of ITC was Rs 367.70. It broke it's multiyear lows (of Rs 178.65) on 09 March 2020. So, it can be a long term pattern of "lower lows and lower highs". This price can be the next lower highs. Profit booking will definitely come at this prices, because there will be many investors who will be exiting "before Rs 367.7 prices". And Nifty did not break Apr 2022 swing highs, it is indicating an upcoming bearish momentum.
Q: When and at what price should I exit?
A: You can place a sell stop order at Rs 329.60, so you lock in your profits. I would suggest positional traders to do this. I repeat, prices must break those levels, so your order gets triggered and you exit.
For investors, they can consider booking/exiting at such prices as well. And they can consider buying it back at Rs 281 levels. I am not right 100% of the time, so only apply this when my points seem logical to you.
Disclaimer: The analysis I have shared is based on my understanding and experience in the markets. Prices may or may not reach mentioned levels, resulting in opportunity loss. Please do your analysis and/or consult your financial advisor before applying anything.
