ITC


Following observations can be made:

1. There is breakout from the triangle towards upper side at 9:30, hence trade taken with 900 qty for 274.95
2. Since breakout happened before 12:30 pm, we can aim for second green line (S2) i.e. 285.10
3. Stop loss is few points below the black line 265.75
4. Since price has exceeded previous day's high, we can expect potential good upward rally



Update as on 11:15 :

Price is struggling to go up but it has not entered the triangle back either, hence holding the position for now.


Update as on 1:00:

We can observe in the above chart that, sellers have established strong position in the resistance line plotted above. If the price struggles to go beyond this zone again, then it is likely that price will fall again. So if it gets rejected again in a big way, then I am going to make an exit instead of waiting for the price to hit stop loss. And ,take re-entry if at all price goes beyond that zone. If it crosses this zone, then I will hold on to my position.


Update as on 2:45 :

It is important for me to move my stop loss i.e. 273 as there is not much time left and price has not moved beyond our first resistance line either, so it is important for me to exit with minimum loss and moving my target line too, and that would be first resistance line i.e. 278.50.


Update as on 3:10 :

1. Price neither hit our modified stop loss nor hit target, but had to exit because time was up.
2. Profit - (275.75 - 274.95)*900 = 720