ITA Aero-Defence etf bottommed if 93 holds & it BO channel @103
ITA has been in a downchannel even before invasion. It only overshot during invasion to make an ATH @113.37. Since then, it made an ABC corrective wave & came back down to retest channel base near the 93 zone.
BULLISH CASE: it bounced after retesting channel base 93 but was stalled by ma50.. 93 is a VOLUME PROFILE zone & is the Fib 0.382 retracement level. It is also the vwap from 2009 low. If 93 holds,
ITA will break above ma50 & target the 103 yellow resistance zone & try to BO of the downchannel started in May2021. 103 is the 0.382 Fib level.
BEARISH CASE WARNING: if ITA fails 93 zone & break down from the channel, there is very low volume below until 85, with only a small support at 90. Measuring the H&S move from ATH will send ITA to as low as the 80 zone.
Not trading advice
BULLISH CASE: it bounced after retesting channel base 93 but was stalled by ma50.. 93 is a VOLUME PROFILE zone & is the Fib 0.382 retracement level. It is also the vwap from 2009 low. If 93 holds,
ITA will break above ma50 & target the 103 yellow resistance zone & try to BO of the downchannel started in May2021. 103 is the 0.382 Fib level.
BEARISH CASE WARNING: if ITA fails 93 zone & break down from the channel, there is very low volume below until 85, with only a small support at 90. Measuring the H&S move from ATH will send ITA to as low as the 80 zone.
Not trading advice
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