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ITC Ltd.

Discussion in 'Technical Analysis' started by srspriya06, Mar 11, 2013.

  1. srspriya06

    srspriya06 Active Member

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    ITC forms double bottom...It resembles the shape of "W".. If it breaks the resistance of 310 then this stock will be in uptrend. .... Please share ur views:eek:
     
    srspriya06, Mar 11, 2013
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  2. shabbir

    shabbir Administrator Staff Member

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    Can you attach the chart with the W you are referring to. There many W in that stock recently.
     
    shabbir, Mar 11, 2013
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  3. srspriya06

    srspriya06 Active Member

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    srspriya06, Mar 11, 2013
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  4. srspriya06

    srspriya06 Active Member

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    shabbir I entered the url of the image...But the image is not viewed in the forum.
     
    srspriya06, Mar 11, 2013
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  5. shabbir

    shabbir Administrator Staff Member

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    Save the image on your PC and then upload it in the attachment.

    You have not attached the image but the page url and I see that.
     
    shabbir, Mar 11, 2013
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  6. srspriya06

    srspriya06 Active Member

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    ITC

    ITC.png
     
    srspriya06, Mar 11, 2013
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  7. shabbir

    shabbir Administrator Staff Member

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    Great. If you are looking at that W pattern it means the current W had a breakout in Jan end Feb Starting but current the breakout has entered into consolidation mode and as always in the month of March time, this stock under performs because of tax and other issues that are always on high in this time frame.

    On top of that your view of W is for long term and so wait for the consolidation to pass and then it could be a great play
     
    shabbir, Mar 11, 2013
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  8. srspriya06

    srspriya06 Active Member

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    Thank You for ur valuable advice shabbir :)
     
    srspriya06, Mar 11, 2013
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  9. shabbir

    shabbir Administrator Staff Member

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    The pleasure is all mine.
     
    shabbir, Mar 11, 2013
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  10. shwetagnema

    shwetagnema Active Member

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    in the same chart, there is short term double bottom at around 285. Am i right in my understanding?
     
    shwetagnema, Mar 12, 2013
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  11. shabbir

    shabbir Administrator Staff Member

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    Yes and that is the only reason I wanted to see what W OP is referring.
     
    shabbir, Mar 12, 2013
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