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The price movement of ITC experienced a double top during the months of August and September. The duration between those equivalent tops were almost 46 days and the volume was relatively high at the second top. So, short position can be created at the price level of the previous buying zone which is Rs.250. The stop loss is set at the level of the previous selling zone ( the second top ) which is located at Rs.260. The risk taken here is Rs.10 and so the target is set at ( 250 – 10 ) = Rs.240.
TRADE PLAN : ITC – DOUBLE TOP – ENTRY 250 – SL 260 TARGET 240
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