ITC Ltd – Double Bottom Pattern

ITC Ltd on a daily chart stock price is making higher high and higher low pattern with increase in volumes, indicate positive outlook for the stock price. Technically on daily chart stock price at Rs. 234.50 has given the breakout of descending triangle pattern, also we witnessed a double bottom pattern, indicate stock price can rally towards previous high swing, which look most likely. Momentum Oscillator MACD has given the positive crossover, which add more bullishness for the stock price.

If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 234 for the target of Rs. 258 levels, with Rs. 222 stop loss on closing basis.