ITC--Trendline Resistance??This particular stock has been on a prolonged bearish trend, but currently, the price is finding support within well-established historical support zones.
Looking ahead, there's a notable trendline resistance on the upper side. If the price manages to breach this trendline and subsequently provides a retest, it may present a favorable opportunity to consider long positions.
Itctrend
ITC Analysisafter breaking the resisatnce at 455 zone...price moved strongly...
from the last 3 sessions price falls and yesterday it tested the resistance again...
if this bullish continuation or reversal happens...
if reversed on bottom side we have a strong support @455 zone in the form of resistance.
keep track this levels...
ITC--Bearish View ??observations::
After Gapdown opening from zone 449-452 range price fills the gap and falling again...
Now price starts consolidation again..
sell plan::
If price not able to break above the resistance zone,
again falls below 446 resistance, look for sell up to 432 range
and the previous resistance if failed to acts as support price falls more. keep track this levels.
ITC--Uptrend Resumes or end ??ITC stock observations:
---->trending upwards, broken a strong resistance at 390 (zone previous strong resistance)).
------>after clear trending upwards now price is showing some sort of consolidation, from this level the trend resumes again or reversal may happen.
watch this stock for short position.
As of now ITC trending, upwards can we expect a reversal from here or continue move towards up, we need to wait for further price action to short.
ITC Rallied - What's next ??ITC tumbled down from 262 levels to 222 levels.
It created support around 222 levels, tested it many times, and started rallying again.
Structure on the shorter timeframe is of higher highs and higher lows.
Today it rallied to around 245 levels, but couldn't sustain and closed around 239 levels.
Immediate support for the stock is around 237-238 levels, if it sustains these support levels, it will try to retest its previous highs again.