ITC Mid Term View.
As evident from the chart above
ITC has broken a Crucial Monthly support app. 250 and has already given a close on Monthly Charts below it.
But since the chart shows the formation of Flag Pattern ( price app. 43 – 252 ), and also the BO of the same , therefore the Overall Trend still remains positive.
However, BO below the upper resistance of the Flag, may have changed the Short Term to Mid Term view of the Chart, for novice traders.
So the next levels where ITC can find buyers coming in can be app 222, 199 and 177.
The level of 177 will be the most crucial one, as it is the base support of the Flag.
It will act as POLR.
Though, As of now the ADX has also given sell crossover on Monthly Chart.
Close below 177 on Monthly basis, will change the Long Term Trend from Positive to Negative.
Even for the short term, the stock looks bullish to me, and can be bought in the range of 235 – 238, for the target of app 257 – 260. , keeping SL on close below 234……..TF within 5 – 10 Days.
I think one can buy on dips ( Only for Mid Term – Long Term Investors ) at the above mentioned 3 support levels, with proper money management methods being applied.
I am not a SEBI registered Investment Adviser and my accuracy is not guaranteed. My posts are my personal views and for information / educational purpose only.
Therefore, kindly, do your own research or consult your adviser before trading or making any investment.
I am a Trainer & Mentor, for those who wish to learn Technical Research in Capital Markets. My ambition is to make you self – sufficient, by teaching you from Basics of Technical Analysis to High Probability Trade Setups, so that you gain expertise and make money / create wealth for yourself.