ITC LTDLong
Double Bottom Neckline breakout happened
Zaktualizowano
Fundamentally speaking:
After spending hours researching ITC ltd. I finally came up with a sound target price( long term), it looks like a value buy at these prices for a long term price target between 190-210. ITC has a history of paying a good amount of dividends to its shareholders and buying at these levels will eventually lead to gain in both ways, price appreciation and dividend income. lastly, Risk-reward is looking favorable for long-term buy.
Technically speaking:
ITC has formed a double Bottom pattern and it has even broken the neckline, even after being an FMCG company(not just), the stock has been in a downtrend for quite some time now, and has tested the 160s levels twice. I am expecting it will come again to test the neckline support or the long term trendline resistance level. The vertical line is a MACD crossover in a 1Hr. timeframe, One can get into the trade after confirmation from the pattern itself for a free target.
After spending hours researching ITC ltd. I finally came up with a sound target price( long term), it looks like a value buy at these prices for a long term price target between 190-210. ITC has a history of paying a good amount of dividends to its shareholders and buying at these levels will eventually lead to gain in both ways, price appreciation and dividend income. lastly, Risk-reward is looking favorable for long-term buy.
Technically speaking:
ITC has formed a double Bottom pattern and it has even broken the neckline, even after being an FMCG company(not just), the stock has been in a downtrend for quite some time now, and has tested the 160s levels twice. I am expecting it will come again to test the neckline support or the long term trendline resistance level. The vertical line is a MACD crossover in a 1Hr. timeframe, One can get into the trade after confirmation from the pattern itself for a free target.
Zlecenie aktywne
So as I have mentioned earlier that ITC will come to test its support levels again and then it will resume its upward movement, that's exactly what happened.Ride the rally for a target of 210-220 within a short span of time.
Trade accordingly
Uwaga
Reaching our first target of 191.35 up +9% will exit around 200. Trade accordingly
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