Hi, Manish, nice analysis of ITC. In my opinion, ITC failed to breakout the high of last 3 months, Apr / May & June on monthly chart.
It touches 217-220 & again sleeps. Now it is almost end of July Month & follow up buying from smart money is missing.
ITC also trading below 200 SMA on monthly chart. Though it trade above 20-50-100 & 200 SMA on daily chart.
It is interesting to watch if it blast tomorrow??? 🤞 At least ITC has to up by 5-7% tomorrow & give close above 216.Then will see further
momentum in ITC. Closed above 216 will eliminated all supply from Feb 21.
From Oct 20 to July 21, only 2 candles were there on daily chart which is 6% + move on single day.
I observed hurdles at 217-220 / 236 & 264. Even tomorrow breakout happens on daily chart need to sustained with strong buying.
If failed again, ITC will be back to 207-205-201 level. Only +ve side is ITC holding 199-200 level.
I will buy ITC if closed & sustained above 220 for week for target of 290.
Thank you.
Happy Investing 😊👍
Manish-Mishra
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@Tech_Milind, Thank you :). Agreed for all price zone its in from last 3 months and missing smart money, but few differences noticed this time reversal from pivot line, rsi breakout(Strength)in daily and weekly time frame and business momentum is recovering. and most important it created strong support zone( ITC holding 199-200 level) as you also mentioned but watching to cross 220 level will be important. hope for the best finger crossed :)
This was my detailed study and thought to share.
Learning together , Happy investing :)
Tech_Milind
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@Manish-Mishra, Yes. Will watch tomorrow. Hope all investors are keenly watch. And traders will find an opportunity to earn quick money.
Enjoy...😊👍
Tech_Milind
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@Manish-Mishra, See, ITC sleeps from 215. Not even touched to 217.
See the volume. It was equal to Friday 23rd July 21.
ITC missed the follow up buying.
On the hrly chart it is taking support at 20 SMA, which is 210.62
Lets see what happens tomorrow.
Enjoy.... 😊👍
Manish-Mishra
⋅
@Tech_Milind, some hiccups in the way of ITC because of their profit margin is very low as compared to peers in consumer product and hotel business still impacted. But as long as it maintain support in 190-205 its good for investor.
Anyway this stock is not for trader.
Happy Investing :)
Tech_Milind
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@Manish-Mishra, GM. Yes, true. But the time is value. Nobody knows how many months or years ITC will spend in between 190 - 215.
It is still underperforming Nifty 50. I will rather wait for ITC to cross 220 & sustained for week. It will save my time & money.
Till then I will put my funds in Metals / PSU Banks or Real Estate.
One more thing, its very nice to discuss the healthy communication with you.
Thank you for exchanging views.
Nice of you.
Enjoy.... 😊👍
😊😊😊 Again ITC !!! Will it cross 215 tomorrow. Now FMCG index is firing. And trading all time high level.
Even Dabur India has given a breakout & trading all time high.
Now all eyes are on ITC !!!
I think this time ITC will show gradually & consistent up move. I dont expect fire in it.
But yes it may start moving now. Lets see how it will go!!!
Enjoyyyyy... 😊👍
It touches 217-220 & again sleeps. Now it is almost end of July Month & follow up buying from smart money is missing.
ITC also trading below 200 SMA on monthly chart. Though it trade above 20-50-100 & 200 SMA on daily chart.
It is interesting to watch if it blast tomorrow??? 🤞 At least ITC has to up by 5-7% tomorrow & give close above 216.Then will see further
momentum in ITC. Closed above 216 will eliminated all supply from Feb 21.
From Oct 20 to July 21, only 2 candles were there on daily chart which is 6% + move on single day.
I observed hurdles at 217-220 / 236 & 264. Even tomorrow breakout happens on daily chart need to sustained with strong buying.
If failed again, ITC will be back to 207-205-201 level. Only +ve side is ITC holding 199-200 level.
I will buy ITC if closed & sustained above 220 for week for target of 290.
Thank you.
Happy Investing 😊👍