Building long position on ICICI bank
Updated
Tranche 1 of 38 shares @ 650
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price is on a downward trend with a major sell off this week
2. Is there any trend reversal in play?
1. No trend reversal in play
2. At important support or resistance - horizontal - Yes brought when crossed 50 Weekly and at long term previous resistance turned support
3. At important confluence of EMAs + price + support - Yes - Near support and 50 EMA weekly
3. How are the candlesticks behaving and what is the volume doing
Decline in price with large selloff volume
4. Is there any trend continuation in play?
Downtrend looks to continue
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No
6. Fundamental factors in play
1. EPS growing quarterly and yearly due to revenue growth and OPM growth... Q3 2021 was fantastic
2. Are institutional investors/promotors increasing their stake - No movement in shareholding
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price is on a downward trend with a major sell off this week
2. Is there any trend reversal in play?
1. No trend reversal in play
2. At important support or resistance - horizontal - Yes brought when crossed 50 Weekly and at long term previous resistance turned support
3. At important confluence of EMAs + price + support - Yes - Near support and 50 EMA weekly
3. How are the candlesticks behaving and what is the volume doing
Decline in price with large selloff volume
4. Is there any trend continuation in play?
Downtrend looks to continue
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No
6. Fundamental factors in play
1. EPS growing quarterly and yearly due to revenue growth and OPM growth... Q3 2021 was fantastic
2. Are institutional investors/promotors increasing their stake - No movement in shareholding
Trade closed manually
Trade closed in 9% profilt.Market rebounded well... Have closed the trade manually as I think market could reverse, will enter again
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