ITC: Bearish Momentum Unfolds

Nov 17

ITC: Bearish Momentum - Short Trade Setup

ITC Key Points

• The 4-hour chart of ITC confirms a sustained downtrend, with TP1 and TP2 targets successfully achieved.
  
• The price action suggests the continuation of this bearish momentum, keeping TP3 and TP4 firmly in sight.
  

Trade Details:

• Entry Price: ₹508.85
  
• Stop Loss: ₹518.65 (strategically placed above resistance)
  

Targets:

• TP1: ₹496.70 ✅
  
• TP2: ₹477.05 ✅
  
• TP3: ₹457.40 (potential) 🔄
  
• TP4: ₹445.25 (final target) 🔄
  

ITC Share Analysis:

• Risological Alignment: The Risological trend line slopes downward, confirming the prevailing bearish trend.
  
• Price Structure: Lower highs and lower lows indicate a clear seller-dominant market environment.
  
• Momentum Strength: Strong red candles suggest heightened bearish activity, increasing the likelihood of hitting the remaining targets.
  

Action Plan:

• Existing Traders: Secure partial profits and trail stops to lock in gains.
  
• New Entrants: Wait for minor retracements toward the entry level for an optimal risk-to-reward ratio.
  

ITC's bearish journey continues—watch for TP3 and TP4! 🛑📉