Clear Down is Vissible upto 179A) 1, 3, 4, Reacts as a sign of Good up movement/ uptrend
( reverse of Rs.179.00 will be a good take off for the
breakout of Rs. 199.00 and the target will be around 220 for shorterm)
B)No. 2, 3a reacts as a continuous downtrend
(if the above fails the price will react at Rs.170 then it will expected
to go down or otherwise it will confirm the next clear trend at around Rs.190.00)
* NOTE- THIS IS MY PERSONAL ANALYSIS AND IT WAS POSTED FOR KNOWLEDGE SHARING BASIS
Clearly this is NOT FOR ANY KIND OF SUGGESTION TO BUY OR SELL.
ITC trade ideas
ITC (Continuation of Trend or Breakdown)After a constant uptrend ITC has been defying the market trend for the last 4-5 days and has been consolidating while the market has been making new highs.
A triangle formation can be seen, however if the price breaks away to the upside, we can expect the high of 1st of June to act as a crucial resistance area and a breach of the same can take the price to 217 levels. However there are a lot of support zones on the downside. Levels of 194 will have to be watched closely post which the zone of 187-185 looks strong.
A lot will also depend on how the markets opens up, with SGX nifty gearing the nifty up for a strong start watchout for the breakaway levels and then take a trade.
ITC Looking Bullish nothing exciting though..Not too exciting just because i don't see a good profit zone and better looking charts out there.
though on the lower time frame 2hr the confluence of the trilogy of 50/99/200 day has happened to form a golden cross.
Nearing resistance at present i expect it to retest 178 ish area so our order may get stopped out if it does reach there hence the loose stop loss.
Looking bullish for a while , expecting it to pull back to possibly 152ish if it gets rejected from 241 resistance zone .
Flipping 241 zone into support would be really bullish with the long term downtrend line should be broken .
last line of defense 302 for the bears .After which it could make new highs .