ITC Heading to New Highs for the weekSeems like the 4th wave correction is will complete at the levels 227-229 got the move above 239
Entry Levels: 227-229
Strict SL: 223.3
Take Profit : 239
Also there is a high probability of 5th wave getting extended as the wave 3 is not more than 1.618 times that of wave 1.
ITC
ITC Chart Analysis for Long TermSeeing Price action on daily basis ITC looking bullish to me. It has broken uppertrend line which was acting as a resistance shown in red colour and is taking support from another trend line shown in green colour which is acting as support. 195-200 was a resistance which was broken and retested, now this area gonna act as support shown in green zone . The price may shoot up to 240 or near that red zone , which gonna act as resistance .
Average up/downITC is one of the finest stock in equity markets. Triangle pattern breakdown was occurred at 204-205 on 07/01/2021 which shows the opportunity to short, BUT on 12/01/2021, spinning top candlestick has occurred which indicates uncertainty in price action.
ADVICE: Average up/down by buying half at high/low and buying other half at low/high.
ITC Forecasting for Positional Trade ; Duration-7 to 20 DaysITC Forecasting for Positional Trade (Trade Duration-7 Days to 20 Days )
(Daily time frame chart used)
If you want to make good returns with less risk then you can enter around 186-190 with stoploss 180 for the Target of 200/208/238
why you should ?
1.Positive RSI divergence (you can refer my previous post of ITC )
2.Change in polarity with Good Volume
3.Trend Reversal .
4.Risk Reward Ratio is Good.
5.RSI- 68 ( Bullish )
6. MACD Bullish crossover
Disclaimer: I am not SEBI Registered ,This is just my own view.