ITC trade ideas
breakout with moving averages in convergence all moving averages are together
breakout with volume
in weekly chart also moving averages are converging
ITC chart analysisITC a slow and steady giant, never broke the support of 200
With positive news incoming of ITC paper mills sending oxygen for covid help
ITC broke the resistance of 206 with good volumes and continued the rally up
Trend line breakout.Trend line breakout from strong support zone. Good RR ratio for long. Target and possible price movement as shown in chart.
ITC Weekly Pattern breakAfter a long, bullish patter in ITC, Target as mentioned in the chart
Since this is ITC have a lot of patience
ITC - CONTRA TRADEITC gets supported around 202.50 stops for longs towards 215, potential inverse head and shoulder. Consider longs here. Those with shorts strict stops around 207.80. Prefer longs as contra trade.
ITC getting ready for breakout !?????ITC; formed descending triangle of Elliott corrective wave. Is it ready to go up!???
ITC. 10th MayVery good volume accumulation here could break the resistance.
Lookout for gap up opening.
Bullish divergenceBullish divergence is shown here in ITC, good target is 213, if breaks than new bullish rally will be there..!
ITC Long term EW Wave countsThis is the EW Wave counts based on Monthly time frame log scale.
(1) See how the Magenta Trendlines are driving the prices. These are long term and solid structure contained within the trendlines. Lower Trend line provides the support and the upper trendline provides the resistance.
(2) Waves counted in in Red shows major/monthly elliott wave cycles. Waves in Blue shows sub waves within the major wave cycles. Waves in magenta shows sub waves within sub waves of the major cycles. Waves in the green shows correction waves in the major elliott wave cycle. This is preferred wave count, the alternate counts are not shown here and i will paste it later. Seeing WXY Correction as a part of Wave 2 correction. Seeing ABC correction as a part of Wave 4 correction. At this point, it most likely shows ABC correction but it may be turned in to complex corrective pattern. The structure in development right now is bit early to count it but as long as it stays above 180-185 zone, bullish structure is preserved and ABC correction pattern is complete. It we see monthly close below 180, it may turn in to complex correction and we may see dip correction.
(3) Pl note that this based on monthly chart analysis and each candle represents one month. If present structure is preserved and ITC stays above 180, then the wave 5 (Red color) counts are wave 3 (Red color) top and we will need to see the reaction from then on.
If you wanna learn Elliott wave analysis, pl have your account set up with Elliott wave international Also pl read Ellott wave book "Elliott Wave principle - Key to Market behavior by Frost and Prechter, one of the classic resource on the topic. Also, a relatively good free resource on the YouTube is Elliott Wave Tutorial Part 1 to 5 by a channel called "Wave 618"
based on the technical analysis if there is a trend of pandemic based on only my predictions wait and watch to buy itc is getting slowed down as per the analysis since the hotel and tobacco are crumbling and food products are their only stand awaiting for a better price peace out
ITC - Long time no CITC has been one of the neglected scrips for better known reasons. Currently around the psychological 200 area should support towards 206 as min objective. Now around 201.50 stops 199.30 for 206 longs.
