Itc , Double Top .. A Dangerous Sign Ahead...

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darsh_goswami

Guest
#1
#1
DEAR FRIENDS ,..
This stock was in my watch list since past so many days...

I think worst is not over yet with this stock.

A double top has been formed ,.. On friday it has given the Pattern Confirmation breaching the support line...

Now , target for this stock ( future ) is 156 .. still 10 rs more????

And dont forget its a Heavy Weight .....

Hind Lever is also not so strong...

Experts comments please...

Regards,..
Darsh
 

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winstonn

Well-Known Member
#2
#2
Hi Darsh,

Excellent work!!!!

this must be one of the highest winning probability trade!!!!!!

keep it up.

But, for HLL the long traingle deveploping has not given beakout on downside.
So be cautious on the weekness.

thanx
winston
 
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anjanr

Member
#3
#3
Oh yeah, its going down with large rise in oi. Lot of shorts are built. If the mkt goes up during end of this month, there can be lot of covering and it may rise then. Till then, ride the wave, shorted at 181.
 
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aca_trader

Active Member
#4
#4
darsh_goswami said:
DEAR FRIENDS ,..
This stock was in my watch list since past so many days...

I think worst is not over yet with this stock.

A double top has been formed ,.. On friday it has given the Pattern Confirmation breaching the support line...

Now , target for this stock ( future ) is 156 .. still 10 rs more????

And dont forget its a Heavy Weight .....

Hind Lever is also not so strong...

Experts comments please...

Regards,..
Darsh
Click to expand...
Dear Darsh!

Though I am no expert, I would like to put my comments on the chart.
While I do not disagree with he bearish outlook of ITC projected by you;
IMHO, the pattern should not be identified as a double top.

A Double top is a bearish reversal trend. Thus, by its very nature, a Double top can form only after the stock has been in an uptrend. Afterall, there must be something to be reversed.

As ITC is in a downtrend on daily charts, the pivots/pattern should not have been identified as "Double Top".

Best Regards,
--Ashish
http://tradingtalks.blogspot.com.
 
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Agilent

Member
#5
#5
aca_trader said:
Dear Darsh!

Though I am no expert, I would like to put my comments on the chart.
While I do not disagree with he bearish outlook of ITC projected by you;
IMHO, the pattern should not be identified as a double top.

A Double top is a bearish reversal trend. Thus, by its very nature, a Double top can form only after the stock has been in an uptrend. Afterall, there must be something to be reversed.

As ITC is in a downtrend on daily charts, the pivots/pattern should not have been identified as "Double Top".

Best Regards,
--Ashish
http://tradingtalks.blogspot.com.
Click to expand...


Absolultely !

If anyone can post a good one yr chart of ITC , it will be clear

Thx Ashish
 
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beginner_av

Well-Known Member
#9
#9
you guys are right...it may not a double top for itc...look at weekly chart...a trading range emerges...pls give ur views...i am mostly an options trader...not an expert in TA
 

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vince

Active Member
#10
#10
You 're right about the ranging part ,beginner-av.

Well , yes agilent. I guess we got to look for some sort of bottoming sign whatever that may turn out to be.
 
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