Technical Analysis of ITC: Part 2 on 18 Feb 2017

Technical Analysis of ITC: Part 2 on 18 Feb 2017

This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.

First let me evaluate the previous analysis of ITC made on 25 Jan 2017: http://imti77az.blogspot.com/2017/01/technical-analysis-of-itc-on-25-jan-2017.html

Proposition was: It could still drop to 50.4 – but if we get a Green Candle tomorrow, it could be the start of another run to test Supply at 55 – before going forward (there is significant up potential). If it is a red candle, stay away - keep cash to buy items later at a lower price.

Actual: It was a red candle and thus, that analysis was invalid.

Now back to present scenario: 

It is again making a bullish move and if it can first break down-trend line at 52.5 and then break Resistance ~ 55, then it could go up to 65+ initially, with chances of higher moves in future.

As PE ~ 50+, it is for the risk-takers . . .

Let us see what happens . .  .