ITC Weekly Chart Analysis
ITC Ltd – Weekly Chart Technical Analysis a) Phase Analysis (Observation-Based) Phase 1 – Markdown (2020 COVID Crash): ~Jan 2020 to Mar 2020, price fell from ~250 to ~146 (~-42%). Sharp impulsive Wyckoff "Selling Climax" type decline. Phase 2 – Automatic Rally / Accumulation (2020-2022): Mar 2020 to ~Jun 2022, price moved sideways-to-up from ~146 to ~250-260 (~+70-80%). Marked by multiple "P" pivot labels — classic Wyckoff Accumulation range with repeated tests of support (Spring/Test behavior visible near 175-200 zone in late 2020-2021). Phase 3 – Markup/Breakout (2022-2023): ~Jun 2022 to Feb 2023, strong impulsive rally from ~260 to ~475 (~+82%). This is the primary Markup phase – sustained higher highs and higher lows. Phase 4 – Distribution/Re-accumulation (2023): Feb 2023 to ~Nov 2023, price ranged between ~400-475, forming a broad sideways box (~-15% to flat). Phase 5 – Second Markup Leg: ~Nov 2023 to Aug 2024, rally from ~400 to ATH ~500-525 (~+2...