ITBEES - INVERTED HEAD & SHOULDER
The ITBEES ETF is forming a Inverted Head & Shoulders pattern on the weekly chart and is currently developing the second shoulder. Given the potential in the Indian IT sector, there is a strong likelihood that ITBEES will move upward. After breaking the neckline, a retest is expected, followed by positive performance.
ITBEES ETF is closely linked to the Nifty IT Index, which is also displaying a Inverted Head & Shoulders pattern on the weekly chart. I'll share the details of the IT Index chart separately.
Takeaway Points:
*For learning and educational purposes only, not an advice.
ITBEES ETF is closely linked to the Nifty IT Index, which is also displaying a Inverted Head & Shoulders pattern on the weekly chart. I'll share the details of the IT Index chart separately.
Takeaway Points:
- Identify patterns in the chart.
- Always determine the correct support and resistance levels.
- Decide your entry, exit, and stop loss (SL) before entering a trade.
- Consider making a 50-50% entry when a retest is expected.
*For learning and educational purposes only, not an advice.
Note
IT BEES from 42.46 to 46.29, within a month. Potential 9.50% gain, which is really good.
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