Saturday, 6 April 2013

Chart Update : ITC

ITC Weekly Chart:

ITC Daily Chart: 

ITC weekly chart shows sheer power of price channels. Price has been trending continuously from Oct 2008 lows of 66 to recent high of 310.  Friday price breached and close below the price channel. But since this is about long term price trend change I would like to follow 3% breakout rule given by Edward and Magee in order whipsaw. There are bunch of supports
  1. Trend line support at 290.
  2. Minor support at 285.
  3. 200 days moving average ar 280.5.
  4. 5 months low SMA at 283.
  5. Blue uptrend line in day time frame.

3% rule coincides very close to last support of 200DSMA below which ground is open for bears to go in rampage. 

So plan your trade accordingly. 

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.

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