ITC - May not be favourable for long now

18 Nis 2022

Rejections candles visible in the chart, check volume in abs number and (both highlighted in the box). My view is not to go long from here now. I will wait for followup candles.

19 Nis 2022

Not

As mentioned inspite of high volume price started rejecting at higher side. Volume is a leading indicator but be careful at which stage of price structure volume spikes.
Hoping people have started trailing their profit. To enter we need to wait below 260 levels.

20 Nis 2022

İşlem kapandı: hedefe ulaştı

Closing this trade, Our analysis was bang on despite Nifty remain positive today, ITC was down.