ITC has been favorite of many portfolios for years.Now stock looks top out by forming a shooting star in daily candlestick patterns. Earlier mentioned to go long in ITC at around 284 levels. Now ITC made a life time high of 335.60. Stock looks top out at this price and also the top of upward moving channel. Below 322.5 stocks looks weak.RSI shows negative divergence on daily charts. One can go with positional shorts at CMP or below 322.5( after confirmation of fall) with SL above 338 on closing basis for targets of 310/308/292/278/263 depending on their risk tolerance.
No comments:
Post a Comment