ICICI BANK LTD.Education
ICICI Bank - Triangle pattern at major support
Updated
Stock is trading at major support line as per daily timeframe.
Triangle pattern has formed in 1 hour timeframe.
Long above 364 and Short below 355.
Fundamentals as per Q1 results are positive.
Volume is decreasing as price decreases, it suggest that sellers are weak.
Triangle pattern has formed in 1 hour timeframe.
Long above 364 and Short below 355.
Fundamentals as per Q1 results are positive.
Volume is decreasing as price decreases, it suggest that sellers are weak.
Note
Also the price is making higher-highs and higher-lows and showing support at 200EMA.Note
Yesterday price closed above 364.Due to gap up, over-night position has given a good profit booking today.
Hope this analysis is helping everyone.
Note
Watching the Price action of 1 hour candles its better to keep a stoploss at 366 which is 2 points above the purchase price of 364, so that any fall will help to book small profit that cover the transaction charges.
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