Tuesday, September 18, 2018

ITC: Is it right time to buy for strong returns?

RSI indicator is one of the most preferable momentum oscillators. We have been using this
indicator across segments to gauge the price movement. Below is the extract taken from our monthly report published under the name of The Financial Waves Monthly Update

 ITC Daily chart (showed on 5th September 2018



Wave Analysis:



As shown on the daily chart, minor degree wave iii of [3] is completed on the upside. The ongoing correction is in the form of wave iv which is forming Complex correction pattern. Wave b is ongoing currently which looks to be forming Triangle pattern. Post completion of wave b we can expect wave c on the downside. ………. can be adopted to capture the trend in the form of wave …………..


 RSI indicator: The Relative Strength Index indicator is a momentum indicator that measures the magnitude of recent price changes. It is normally used to analyse the oversold and overbought zones for a stock. If we look at the RSI indicator plotted on the daily chart we can see that every time prices reach near 77 zone a sideways to downside action is witnessed which indicates the overbought zone for this stock is 77. The oversold zone for the stock is near 31. Such basic techniques can provide early trend confirmation.


In a nutshell, trend for ITC is positive and we can expect the stock to eventually move towards …..levels. However, short term correction is possible before we witness an up move. Use ……….. opportunity…….


So, what should be investment strategy on ITC? Subscribe to “The Financial Waves Monthly update” and see detailed analysis on stocks, Nifty, Bank Nifty, currency, commodity and global markets in single comprehensive report… Know more


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