On Feb 03 2017: ITC broke out on weekly chart above 265. I covered this stock on Feb 20 2017
Rationale back then: Since ITC has taken out a well defined resistance and so on any pullback to previous resistance will act as support. So, the dip buyers should come and take the stock higher. Here's the chart back then
What has happened in last 4 months?
ITC stock is up 24% from that level.
I am sharing this example to demonstrate how stock price action works. There is nothing certain in the market. Do all patterns work out like this? Absolutely not. Some breakouts move up like crazy and they make up for some of the failures.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers