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ITC Share Analysis suggests that the stock is forming a triple bottom on the price action chart. In the past, this triple bottom candlestick was a success and never failed. The ITC stock is also trading very near to its long term support. Therefore, the risk-reward ratio is favorable with a very strict stop loss. The neckline of the triple bottom pattern is also coincidentally a long term resistance for the ITC Share Analysis.
ITC also follows the Heikin Ashi and Stochastic RSI trading setup. Only very few stocks follow this trading system. The price, volume and delivery % analysis suggest that the price of the ITC share is increasing with increased volume. However, the delivery % or deliverable qty is decreasing. Therefore, ITC Share Analysis suggests that the up move is speculative.
The correlation between the ITC and the Nifty is inverse i.e. there is no relation between their respective movements. ITC is a part of NIFTY FMCG. It is under performing compared to its index both in short term i.e. 1 month and long term i.e. 1 year. An investor can wait for the reversal for any trade.
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