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ITC

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ITC trade ideas

ITC (Continuation of Trend or Breakdown)After a constant uptrend ITC has been defying the market trend for the last 4-5 days and has been consolidating while the market has been making new highs. A triangle formation can be seen, however if the price breaks away to the upside, we can expect the high of 1st of June to act as a crucial resistance area and a breach of the same can take the price to 217 levels. However there are a lot of support zones on the downside. Levels of 194 will have to be watched closely post which the zone of 187-185 looks strong. A lot will also depend on how the markets opens up, with SGX nifty gearing the nifty up for a strong start watchout for the breakaway levels and then take a trade.
NSE:ITC
by vinayak.mohta5
ITC Looking Bullish nothing exciting though..Not too exciting just because i don't see a good profit zone and better looking charts out there. though on the lower time frame 2hr the confluence of the trilogy of 50/99/200 day has happened to form a golden cross. Nearing resistance at present i expect it to retest 178 ish area so our order may get stopped out if it does reach there hence the loose stop loss. Looking bullish for a while , expecting it to pull back to possibly 152ish if it gets rejected from 241 resistance zone . Flipping 241 zone into support would be really bullish with the long term downtrend line should be broken . last line of defense 302 for the bears .After which it could make new highs .
NSE:ITCLong
by CompoundingGain