Strong Price rejection in ITC 288-290 levels indicates that huge positive sentiment in IDEA is getting digested and smart money is booking their profits at higher levels. Possibly end of the trend in the very short term as historical surge in volume suggests smart money dumping and weaker hands are buying at all possible levels.
ITC LTD Support and Resistance Level
I have marked most obvious and recent Support and Resistance level for the script ITC Ltd.
Orange Lines - Monthly Support/Resistance Lines
Blue Lines - Weekly Support and Resistance Lines
Fluorescent Green Lines are - Daily Support and resistance line.
In the price bar on the right hand side you will the price in...
Nice consolidation and breakout happened in ITC a few weeks ago. Another consolidation happening now. Awaiting breakout for next trending move up. Lot of other technical indicators are supportive. Not getting into it.
While I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be...
