ITC has been moving in a range from past few months failing to show any trendy move. However, this stock has now taken out its range and we were able to capture the rise with the help Elliott wave and basic channeling techniques.
Below is the hourly chart of ITC showing a detailed analysis using Channels, Elliott wave technique and Moving averages.
ITC Hourly chart: ( Anticipated as on 11th January 2019)
ITC Hourly chart: (Happened as on 15th January 2019)
(Below is the gist of analysis taken from daily equity report published under the name of “The Financial Waves Short Term Update”)
Elliott Wave analysis:
ITC finally managed to give a positive break on Wednesday after moving in a range for consecutive nine sessions. In the previous session it managed to stay afloat at higher levels which is a positive sign for now. Also the wave theory suggests that the last leg wave c of flat pattern (a-b-c) seems ongoing.
As shown on the hourly chart, prices are moving precisely within the channel and post making a high near 294 levels reversed from the cannel resistance. The wave theory suggest that wave iii looks to be in matured stage and we can expect wave iv which can be used a buying opportunity for capturing a move in the form of wave v.
In short, trend for ITC looks positive. Buy on dips towards 287-285 levels for capturing a move towards 295 levels which also comes near the channel resistance. Short term support is placed near 281 levels. BANG ON!!
Happened: Prices moved in sync with our expectation. Breaking its resistance trendline and surged towards higher level making a high near 296 levels.
The above research clearly shows how well these techniques work even in such volatile market. Subscribe to our Multibagger stocks which are outperforming even in this market and create your own wealth in coming few years. Check here.
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