ITC on the ChartsITC: Coiling Up for a Potential Breakout? Long-Term Bullish, But Near-Term Watchlist
ITC has been consolidating within a range for a while, suggesting a period of indecision between buyers and sellers. This sideways movement could be a precursor to a breakout.
Long-Term Outlook:
The long-term picture for ITC remains bullish. The company boasts strong fundamentals and a consistent dividend track record, making it attractive for long-term investors. We can expect to see much higher targets for ITC in the future.
Key Levels to Watch:
Support: The recent lows around ₹370 act as a crucial support level. A break below this level could indicate weakness and further consolidation.
Resistance: The upper end of the consolidation zone near ₹480 represents a potential resistance level. A clean break above this zone could signal a fresh breakout.
Trading Strategy:
Bullish Scenario: If ITC holds the recent lows and breaks convincingly above ₹480, a long entry could be considered. This breakout would suggest a continuation of the uptrend.
Remember:
This analysis is for informational purposes only and should not be considered financial advice. Conduct your own research before making any investment decisions.
