NeeteshJain

ICICI Bank Trending in Channel, Showing Weakness

Short
BSE:ICICIBANK   ICICI BANK LTD
The price action is been trading in a upward trending channel where the price action is respecting upper trendlines as resistance and lower trendline as support.

Today, the price action indicates weakness at upper trendline or resistance level where profit booking can take place. I believe the price action shall retrace to fibonacci levels of .50 or 0.618 where we could see buying coming back again. Therefore, it is good time to sell now for

Target: 265
Stoploss: 285
Trade closed: target reached

Comments