ITC LTDShort
ITC TREND BASED SELL OPPORTUNITY
ITC STOCK HAS BEEN ON STRONG BEARISH TREND SINCE MAY-2019. ITC STOCK IS TRADING AROUND INR 190 LEVEL, WHICH HAS BEEN SIGNIFICANT SUPPORT ON DAILY CHART IN THE PAST. AS PER SUPPORT AND RESISTANCE BASED TRADING SYSTEM PREVIOUS SUPPORT AND RESISTANCE ACTS AS OPPOSITE WHEN GETS BROKE. SINCE ITC STOCK HAS BROKE SUPPORT OF INR 190 IN RECENT PAST, THAT LEVEL CAN ACT AS RESISTANCE FOR STOCK.
WE CAN SEE THAT ITC STOCK CHART HAS REJECTED TO BROKE THAT UPPER LEVEL OF RESISTANCE AND FORMED PIN BAR ON H-1 CHART. WHICH IS SIGN OF REVERSAL ON SHORT TERM TREND. TRADERS CAN LOOK TO SHORT THE STOCK IF CURRENT CANDLE CLOSES BELOW THE LOW OF PREVIOUS PIN BAR CANDLE.
SELL ENTRY: INR 189.50 (IF CURRENT CANDLE CLOSES BELOW LOW OF PREVIOUS PIN BAR CANDLE)
STOP LOSS: INR 196.55 (1 ATR ABOVE HIGH OF PIN BAR CANDLE)
TARGET-1: INR 179 (RE-TEST OF LOWER RANGE OF PREVIOUS SUPPORT)
TARGET-2: INR 140 (RE-TEST OF 25-MARCH-2020 LOWER PRICES)
ALTERNATIVELY TRADERS CAN ENTER SELL ACCORDING TO THEIR DEFINED RULE FOR ENTRIES LIKE DOUBLE TOP AROUND SAME RESISTANCE ZONE, OR 3 BAR REVERSAL OR ANY RULE BASED ON THEIR TRADING PLAN.
WE CAN SEE THAT ITC STOCK CHART HAS REJECTED TO BROKE THAT UPPER LEVEL OF RESISTANCE AND FORMED PIN BAR ON H-1 CHART. WHICH IS SIGN OF REVERSAL ON SHORT TERM TREND. TRADERS CAN LOOK TO SHORT THE STOCK IF CURRENT CANDLE CLOSES BELOW THE LOW OF PREVIOUS PIN BAR CANDLE.
SELL ENTRY: INR 189.50 (IF CURRENT CANDLE CLOSES BELOW LOW OF PREVIOUS PIN BAR CANDLE)
STOP LOSS: INR 196.55 (1 ATR ABOVE HIGH OF PIN BAR CANDLE)
TARGET-1: INR 179 (RE-TEST OF LOWER RANGE OF PREVIOUS SUPPORT)
TARGET-2: INR 140 (RE-TEST OF 25-MARCH-2020 LOWER PRICES)
ALTERNATIVELY TRADERS CAN ENTER SELL ACCORDING TO THEIR DEFINED RULE FOR ENTRIES LIKE DOUBLE TOP AROUND SAME RESISTANCE ZONE, OR 3 BAR REVERSAL OR ANY RULE BASED ON THEIR TRADING PLAN.
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