IS ITC READY TO CHANGE ITS UP DIRECTION TO DOWN SEE YOURSELF !!
Hi Traders & Investors,
ITC ANALYSIS
Almost a few weeks ago, I posted my analysis on ITC where I mentioned two conditions is quoting for your consideration " If this is taken out on a 2hr time frame then the structure will change and the price will move down further. On the contrary, If the price consolidates or not taken out then uptrend will resume." You can see price did not break blue color line ( in previous fig it was slightly down but here I moved a little bit up.). Basically I was expecting the uptrend that is why I wrote trend will resume. Though I showed an evening star pattern in a white circle that got activated at that time. so that effect was assumed to take price near the blue zone. Had I got time last week to update then you would have got upward information too? Showing the last chart to understand the better view of the picture with the latest one.
Trade plan for next week.
1. See a white color circle showing an evening star pattern on the blue and white upper zone. Today trading the price made a dark cloud circled in red on the same tested zone. This shows that it is tough for the price to break this upper zone upside. Though this pattern is not activated till yet. But hope to get activated soon.
2. A red color zone is in fig to go further down this is the second condition to take it out on 2 hr time frame.
3. If price takes support at the blue down line Then a pullback can be seen to the yellow upper line. So be careful at this point. Yellow resistance line should be used to sell the stock only when this line is not taken out on 2 hr time frame. keeping a stop loss at the high of the breached candle of the yellow line.
4. On the contrary, if the price takes out a yellow line with the above-mentioned condition then the trend will change to upside.
5. On taking the blue line out on a 2hrs time frame you will see the price moving to the white red lower zone.
To understand the taken-out condition I provide the detail in one of my posts. Attaching with this blog.
YOGESH VATS
Disclaimer:- I do not suggest any buying or selling in the real market better to consult your financial advisor. This work is purely for educational purposes.
ITC ANALYSIS
Almost a few weeks ago, I posted my analysis on ITC where I mentioned two conditions is quoting for your consideration " If this is taken out on a 2hr time frame then the structure will change and the price will move down further. On the contrary, If the price consolidates or not taken out then uptrend will resume." You can see price did not break blue color line ( in previous fig it was slightly down but here I moved a little bit up.). Basically I was expecting the uptrend that is why I wrote trend will resume. Though I showed an evening star pattern in a white circle that got activated at that time. so that effect was assumed to take price near the blue zone. Had I got time last week to update then you would have got upward information too? Showing the last chart to understand the better view of the picture with the latest one.
Trade plan for next week.
1. See a white color circle showing an evening star pattern on the blue and white upper zone. Today trading the price made a dark cloud circled in red on the same tested zone. This shows that it is tough for the price to break this upper zone upside. Though this pattern is not activated till yet. But hope to get activated soon.
2. A red color zone is in fig to go further down this is the second condition to take it out on 2 hr time frame.
3. If price takes support at the blue down line Then a pullback can be seen to the yellow upper line. So be careful at this point. Yellow resistance line should be used to sell the stock only when this line is not taken out on 2 hr time frame. keeping a stop loss at the high of the breached candle of the yellow line.
4. On the contrary, if the price takes out a yellow line with the above-mentioned condition then the trend will change to upside.
5. On taking the blue line out on a 2hrs time frame you will see the price moving to the white red lower zone.
To understand the taken-out condition I provide the detail in one of my posts. Attaching with this blog.
YOGESH VATS
Disclaimer:- I do not suggest any buying or selling in the real market better to consult your financial advisor. This work is purely for educational purposes.
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