I am not going deep into the charting here since my lack of skills with the tools will not do my idea justice. Have a look, TA it better if you want, just an idea.
ITC , bullish moves on the cards , which will lift nifty higher. stockddada for educational purpose only
as we can see, ITC has made a bearish engulfing bar pattern it is expected to go down, it will be a good short sell
I SUGGEST A BUY IN ITC WITH BOTH SHORT AND LONG TERM PERSPECTIVE AND SEE A TARGET OF 283-285 SOON IN WEEKS TO COME AND CAN HOLD EVEN FOR 300+++++++ STOP LOSS @ 255
Nice consolidation and breakout happened in ITC a few weeks ago. Another consolidation happening now. Awaiting breakout for next trending move up. Lot of other technical indicators are supportive. Not getting into it.
While I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be...
Price moving in supply area and if momentum changes at this place then we may get nice short trade. If price closes above supply area then long trade is more lucrative :-)
Bullish Cypher forming on ITC. Look to buy at previous support between 315 and 325 Bullish cypher target and AB=CD target between above levels. Note how RSI will bottom out in the zone tactically.