ITC trading in a parallel channel near the support line ( The parallel channel can also be interpreted as a flag pattern )
Would wait for a confirmation on 15.03.2021, to see if the support holds
Targets would be around 229-232 with an added possibility of a breakout
Please do not consider it as a Trading recommendation!!
Kindly consider this as knowledge sharing and not any kind of recommendation!
Bharat Electronics is forming a Cup & Handle Pattern on a WEEKLY timeframe
Important Observations
1. Price is near the demand zone as well as lower channel line of Handle
2. Volumes on the consolidation of the handle are low
3. A handle is considered valid if retracement is 1/3 to 1/2....
Following is just my thought process. This is in no ways a recommendation. I just want to share and learn!
Kindly Trade at your own risk
Following Reasons for bullish view
1.) Price taking support at Weekly Trendline
2.) Price taking support at weekly HORIZONTAL support zones (Support zone can be found on zooming out the chart to Feb & Nov 16 time frame)
3.)...
