AP is not well and therefore this chart, to get him back on track faster than normal. (yes, I AM #wicked, no? AP?)
ITC on the daily is forming one big Inverted HnS from 190 to 265 ie 75 pts for the taking. But before that on the shorter EOD view, it has retested the 200ema and now formed the right shoulder. Sustaining these levels and moving back to 265 is the T1 and can be traded on the FnO.
The second the bigger part of the journey for ITC would be the break above 265-268 levels and sustain that. That would trigger the I-HnS and a target of 330 approx.
Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.
Looking at the lower timeframe, a falling wedge has been broken on the upside and a Bullish Wolfe Wave almost to trigger.
Reliance is my pick for November and Diwali. Lets see how dangerous this Wolfe turns out to be ….
Again, on the higher TF, we had broken out on the weekly and now retesting the breakout. A superb RR to go long on support/retest of breakout. Since this is weekly, buy in cash with some drawdown filter for stops (
Here is the chart for the weekly.
Lets see whether this Diwali, does Motabhai’s fortune change and Lakshmi enters the world of the shareholders who have been holding this scrip since last few years with conviction.
Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only