vinothvel

ICICIBANK momentum trade and Long position

Long
NSE:ICICIBANK   ICICI BANK
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.
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.
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.
Trade closed manually: Trailing Stop loss hit!!.
* Closed at BUY price. No P/L
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.