Saturday, April 22, 2006
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
======= +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...