ICICIBANK momentum trade and Long position

Jul 22, 2020

Support points for long position

* Missed posting yesterday. expecting gap up opening.
* Broken its channel pattern with strong bullish candle with very small wick at top and bottom.
* Closed above EMA 100 on day chart.
* No resistance till TGT 1 - 392.5.
* As stock is trying to close the gap the next target would be 398.6 which is EMA 200.
* If closes above 398.6 with strong candle we can expect TGT 3 - 424. We can expect retrace upto 381 before moving to the TGT-3.


BUY @ CMP 378.8
SL @ 373.5
TGT 1 - 392.5
TGT 2 - 398.6
TGT 3 - 424 (Expect small retrace)

NOTE :
Please adjust for future rates accordingly!!
Respect Stop loss!!


Disclaimer: All charts are purely for educational purpose only. Invest or Trade at your own risk.

Jul 22, 2020

Trade active

* As analysed stock has responded well with support and bounced back. This is due to initial profit booking as BANKNIFTY is making new high from COVID-19 fall.
* Today also there was a opportunity to buy with low price.
* seeing long build up as per FO analysis.
* wait for the targets and follow strict stop loss.

Jul 23, 2020

Trade active

TGT 1 Hit!!! 3.6% Gain
* As Stock FO shows long buildup TGT 2 is easy.
* Once TGT 2 is achieved trail your SL to TGT 1.

Jul 24, 2020

Trade closed manually

Trailing Stop loss hit!!.
* Closed at BUY price. No P/L