Nice consolidation and breakout happened in ITC a few weeks ago. Another consolidation happening now. Awaiting breakout for next trending move up. Lot of other technical indicators are supportive. Not getting into it.
While I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be...
Bullish Cypher forming on ITC.
Look to buy at previous support between 315 and 325
Bullish cypher target and AB=CD target between above levels. Note how RSI will bottom out in the zone tactically.
