ITC falling back towards Support
I had given an outbreak call on ITC based on a condition.
Condition being, if it breaks above 175, we could see a big move.
Just look at the charts. It reversed exactly from the resistance. Now, it has moved swiftly towards the support.
There can be two trades here.
1. If ITC pierces through the support, it is a short below 166. Short at 166. Target at 157. Stop loss at 169.
2. If ITC bounces back from the support, we could see another move and possibly an other attempt to break 175. Buy at 168. Target 175. Stop loss at 166.
I've always said it. Sometimes the simplest analysis based on trendlines can give the best results. :)
Condition being, if it breaks above 175, we could see a big move.
Just look at the charts. It reversed exactly from the resistance. Now, it has moved swiftly towards the support.
There can be two trades here.
1. If ITC pierces through the support, it is a short below 166. Short at 166. Target at 157. Stop loss at 169.
2. If ITC bounces back from the support, we could see another move and possibly an other attempt to break 175. Buy at 168. Target 175. Stop loss at 166.
I've always said it. Sometimes the simplest analysis based on trendlines can give the best results. :)
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