ITC trade ideas
ITC in a bullish Wave 4; Target 278ITC is getting tighter and tighter. Above all the EMAs. Major support at 198, resistance at 251; Upward trend line from March lows getting closer. We are in Wave 4 of a classic Elliot wave pattern. Notice that the lengths of waves 1 & 3 are the same & both took around 100 days to form. Wave 2 was an exact 61.8% retracement of Wave 1. Wave 5 target of 278, ideally around Q1 2022
Target: 278
Stop Loss:198
The Evergreen ITC PuzzleNSE:ITC is probably one of the most talked about stock in Indian markets. Twitter is full of ITC memes and investors have grown old hoping that one day ITC would finally start making a decisive upmove for good :)
Anyhow, if you see the volumes in ITC lately, there has been a lot of interest. Lots of large volume bars in recent few weeks and the stock has broken out of a falling trendline (as shown by arrow). There are still some near term resistances as you can see in chart but could this breakout be the move that everyone has been waiting for? Only time will tell.
Stock of the week ITC. 26/9/21Finally after a year long consolidation and unlimited meme ITC has given cup and handle breakout on weekly chart. The first target as per Fibonacci is 300. Volumes wise too the breakout is looking sustainable.
Target- 300
SL - 215 weekly
View - Short term.
Time - 6 to 8 months.
ITC Long | intraday long | Swing TradeFor Intraday Trade above 239 | SL-237 (see 15 min candle)
Tgt1-247.45
Tgt2-252
Tgt3-260.2
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For Swing Trade Long above 239 | SL-230 (For 2-3 months)
Tgt1-260
Tgt2-285
Tgt3-354 by 1st week of November
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Do Your Own Research on Company fundamentals to get a good idea and its future potential.