The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby. Risk Reward Ratio - 2:1 SL is placed below support zone & the lower trendline. The target is placed near resistance.
Looks like ITC is heading towards a Bull run again after the announcement of "institutional and financial analysis day" on Tuesday.
Technical reasoning for a Bullish setup : > Quarterly charts represent a 6 year base building in this cigarette company from 2016 to 2021 where the stock has done nothing > Apr 2020 to June 2021 - 5 quarterly candles just showed sideways action in the counter and finally a breakout to retest the all time high resistance happened in July to September quarter >...
Cigarette manufacturers have seen some strength recently alongside dividend stocks. PM does not benefit from the same rumors MO does (entrance into the marijuana market) but still looks primed to break out of this rounding bottom base. Recent highs of 91.32 should provide a strong entry.
Everything explained on chart.
3 year long bear market will come to an end for MO if it breaks past 46 with good volumes. Long term trend is still bullish.If March 2020 lows are not tested before breaking 46 then my long conviction will be higher.
I think XLM is bottoming, buy and hodl to the top, sell some at targets.
Main signals: 1-multiple top 2-gap 3-formation of pennant Sell 99.30-99.10 pennant's bottom line breakout Stop-loss 100.59 (+1 tic above pennant's high price) Target #1 95.00 (sizing) Target #2 90.00 (Elliott's waves+strong supporting level)