ITC had been a major underperformer when compared to majority of the stocks post March 2021.

There has been many memes circulating with ITC being labeled as an “immovable asset”  It is interesting to see that so many investors or traders are now stuck in this stock and it is simply testing the patience of majority.

It is best to apply Time Cycles to understand the possible reversal dates and also the probable pattern under formation rather than only guessing or getting frustrated.

Below is the chart of ITC with Hurst’s Time Cycles

ITC daily chart: 55 days Time Cycles



We can clearly see that the stock is forming classic lows near around 55 days Hurst’s Time cycle and reversing back on upside from there. Majority of the lows are around this cycle dates post March 2021.

However, the desired momentum is not seen. As of now we can see that the stock is now moving to the second half of the cycle which is usually the sell mode. The chances getting bleak for the stock to rally with each passing day until the next cycle low kicks in which is only post 14th July 2021. This means that there is high probability traders and investors who are stuck in ITC might have to wait for more than a month before some action starts. Also the overall pattern is also forming the shape of topping Head & Shoulder with neckline near 200 levels. Any breach below it might result into panic among traders and there can be some serious selloff that can then kick in until 14th July. For any momentum to gather on upside we need to see the stock breaking above 220 decisively with strong momentum but with cycles entering in the sell mode it might be tough bet to play with.

In a nutshell, ITC can continue to meander in a range of 220 – 200 for now and positive traction can be witnessed on this stock only post 14th July 2021. Traders or Investors should be careful once 200 is taken out as that can kick in real panic across.

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