The ITC stock now has been consolidating for more than 2 weeks at a very strong support/demand zone of INR430-435.
This particular S/R zone is an active zone for the stock since May 2023, acting as support and resistance on several occasions since May.
There was a slight breach of the zone in Oct.end which was successfully reversed by the excess demand hence providing more relevance to this zone.
It is very interesting to witness the stock making a 2-week range right at the demand zone of 430-435 as if it is only waiting for an explosion upwards towards the supply zone of 450-455.
Surely the sellers/bears have tested the buyers/bulls enough and the buyers have bravely stood their ground even bringing the stock back above 430 after the breach, but now its time for the buyers to test the sellers. We shall see if they hold their ground of 450-455 or flee from the battleground.
CMP 437
SL 432
TARGET 457
This particular S/R zone is an active zone for the stock since May 2023, acting as support and resistance on several occasions since May.
There was a slight breach of the zone in Oct.end which was successfully reversed by the excess demand hence providing more relevance to this zone.
It is very interesting to witness the stock making a 2-week range right at the demand zone of 430-435 as if it is only waiting for an explosion upwards towards the supply zone of 450-455.
Surely the sellers/bears have tested the buyers/bulls enough and the buyers have bravely stood their ground even bringing the stock back above 430 after the breach, but now its time for the buyers to test the sellers. We shall see if they hold their ground of 450-455 or flee from the battleground.
CMP 437
SL 432
TARGET 457
Comment:
trend line broken...close above 442 will also ensure range breakout