ICICI Bank might have completed its correction / Fall

After continuous selling pressure from 860 levels, ICICI bank has now lost the momentum on the downside.
It is evident by failure to make a new low on daily basis and increased volume , even today it made a news high with volumes after 6 bars as marked by box.
This shows the supply is being cornered, sellers are failing to make a new low.

The higher high higher low structure on weekly is intact.

Interesting is the RSI divergence on daily chart & trend line breakout on line charts.

Below is the trend line breakdown on weekly charts.
Important is to note that the large red breakdown bar is in the end stages of downtrend, looks a blow off bar with volumes.
Simple logic is why market maker will sell aggressively at lower levels? he could have done that at higher levels only.
Another point is that red bar is followed by indecision bar, hence the breakdown is followed by indecision zone and not follow up selling.
To conclude the breakdown failure chances are high, resulting in bear trap.

One can accumulate with 650-660 SL on weekly close basis.
RR is favorable, current Risk is around 9-11%
This can be good levels to accumulate for delivery purpose too

Note: as there is continuous down trend, stock can take a breather and give sideways movement & then resume its up-move.


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