Head and Shoulder on ITC

29 Nov 2021

ITC stock is showing volatility and moving with the current downtrend of market. The chart pattern on ITC shows a head and shoulder pattern. With that pattern, the script broke support at 230 and moved below. With current analysis, the script could form new resistance at 217. If the script trades below 217, it could be considered as a result of negative news overshawdowing the positive financial results. However, in this scenario it is unlikely to see that happening. The next strategy for investor should be to wait till ITC script hits 217 region and then go long in the script. After that, the finbonacci revrsal indicates the script could hit 230 price range. Happy Investing!