ITT trade ideas
ITT INC Course DailyHey people, ITT INC is in a bullish combination with a return of buying volume traded in a hammer candle. By zooming in on the TIMEFRAME M1 we can notice a dash with a low volume of purchase traded it goes towards the top of the range (rectangle) for a retest. It is very plausible to breakout the price with the momentum and then at the same time the zone to access another and get on the coming high. With a new check of the bollinger high counting a test the bullish channel to rebound on its support to cash the execution in order to retest the second resistance of the bullish channel.
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$ITT 5 Month #CupandHandle #ChartPattern SetupNYSE:ITT is forming a cup and handle chart pattern with a well defined resistance area around $65. That price level has been tested over 6 times including in today's session. A daily close above that resistance chart pattern boundary will trigger a long swing trade.
Chart pattern price target is around $77 but profits (or partial profits) should be taken around $75 which is the stock previous ATH.
ITT potential bullish turning point off structure support Key points;
1) Price is currently at validated structure support (old resistance)
2) Price is at a potential up-trending support level
3) Last low was higher than the previous low even on a down market day
4) MACD level is at a similar level to previous lows made in price (illustrated by the vertical blue lines)
5) Price has also bounced off its lower bollinger band
As always DYOR
