ITC is currently retesting a strong 75-minute Demand (Buy) Zone, an area where buyers previously stepped in aggressively. Price has now returned to the same zone, making this a high-attention area for potential reaction.
Interestingly, the RSI is showing bullish divergence. While price attempted to make a lower low, RSI is printing a higher low, indicating that selling pressure is gradually weakening.
Momentum is also starting to turn upward on RSI, suggesting the possibility of a short-term bounce if buyers defend this demand zone.
Technical Structure:
• Price sitting at tested demand zone
• RSI bullish divergence forming
• Momentum beginning to shift upward
• Potential reaction move if demand holds
If demand holds, ITC may attempt a move toward nearby intraday supply / dynamic resistance levels.
However, a breakdown below demand will invalidate the bullish idea.
📊 This analysis is purely based on price action and momentum behaviour.
#ITC #NSE #RSI #DemandSupply #PriceAction #Momentum #TechnicalAnalysis #Intraday #TradingIdea 📊📈
Interestingly, the RSI is showing bullish divergence. While price attempted to make a lower low, RSI is printing a higher low, indicating that selling pressure is gradually weakening.
Momentum is also starting to turn upward on RSI, suggesting the possibility of a short-term bounce if buyers defend this demand zone.
Technical Structure:
• Price sitting at tested demand zone
• RSI bullish divergence forming
• Momentum beginning to shift upward
• Potential reaction move if demand holds
If demand holds, ITC may attempt a move toward nearby intraday supply / dynamic resistance levels.
However, a breakdown below demand will invalidate the bullish idea.
📊 This analysis is purely based on price action and momentum behaviour.
#ITC #NSE #RSI #DemandSupply #PriceAction #Momentum #TechnicalAnalysis #Intraday #TradingIdea 📊📈
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.