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ITC Technical Opinion suggests that stock is in a bearish trend. The up move observed was only for gap filling. Recently, Stock formed three bottoms on the daily chart. In case, the triple bottom chart pattern fails then the stock show sharp downward movement.
The long term support and resistance suggest major support levels are 258 and 200. The Fibonacci Retracement suggest that stock is trading near a critical 78.6% retracement level. In past, the stock has taken support at this level multiple times.
For long term investment, the Moving Average suggests that there is NO Buy signal because the stock is trading below both 20 and 200-period exponential moving average.
As an investor/trader, you can observe very high trading activity in the recent past. The stock is under consolidation phase from more than a month. After the consolidation, stock always shows a sharp price movement. Many viewers ask me how to check the direction of the stock post-consolidation. Sometimes the data is misleading. You have to check with the help of a chart, whether there is buying or selling during consolidation. You can check with the help of the size of candlesticks and volume bars.
The option chain analysis suggests bearish sentiments in the near term. The resistance is strong compared to support.
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