Saturday, April 22, 2006

>ITC Analysis


Latest image of ITC loaded now.
Its indeed at 16o now..!! cheers.

I hope readers of the log must have enough caution earlier to mkt crash..!!

====== to see the analysis made on 22-april-2006 see under

ITC update:

======= +ve case =======
its very well inside a rising channel and
simple hourly ema cross over trend following systems are in trailing mode.(no sell signal)
Crossing 210 then next long term target is 265 & 330.

====== -ve case ==========
Itc level of 200-210 is very imp from elliott wave criteria.
Many long term and short term targets converge there.
It would act as a super strong resistance and we can see a large correction in itc from here.

The peak at 205 area formed on much less volumes than that at 180.
A volume top is normally not a good sign.


Hourly macd gave a sell 3-4 days earlier and now if itc rises to touch earlier high it would face stiff resistance.

The RSI had for the first time in many months dipped strongly and touched 30. Even though RSI is now at 54.. The strong dip to 30 suggest more correction coming.

Targets if correction sets in is 170 and 160.

Action to take.
Sell ITC near to previous top. (207-202 area)
Can purchase again at 160-170.


Open Image in new window to ZOOM...

7 comments:

Anonymous said...

Yaar but ITC has strong support at 188 and then at 180.. so if anyone sell at 207 there is no way he can again reenter at 160-170 levels...

Anonymous said...

Exactly Rajesh, I dont think ITC is coming below 180 levels unless there is some 1000+ points loss..

Anonymous said...

Dear Sir,
thanks for that wonderfull article on ITC ama small investor holding only 10 shares of ITC @ 211 . actually am bit confused after reading the 2 comments above & the analysis u gave as per the elliot wave theory...

Can u plz help me out in this manner....

Thanking You,
Prathamesh

rajeev said...

ffrom a long term perspective I am very +ve on ITC.

If you can hold for 1-2 years, I think you would get 50-100% appreciation.

Anonymous said...

Thank You sir,

Thank you very much.... being a small investor any loss may it be of 40/- turns many into panic... BUT now am assured.. that ITC could prove a long term bet....

One thing. 50-100% app.. what aspects u consider while giving reccomendations.. I mans the product base or margins.. plz explain & THAKING YOU.....

sriyaz said...

MY VIEW : Hold ITC with stop loss of 204.Close above 212 will take it immediately to 230+.

rajeev said...

today ITC touched 185..

and down ward momentum is high