ICICI Bank could be good for short/medium term Long position next week.
I had placed a buy order @ 286 (futures) and am holding the position.
Daily Chart:
Fibonacci levels in the daily chart suggest that Wave-II is at an end and Wave-III could start sooner than later.
SL & Targets indicated in the chart
30 min Chart:
Money Flow Index in the 30 min chart is very low - so it could rise.
Price has gone above the 21 period Hull Moving Average
I had placed a buy order @ 286 (futures) and am holding the position.
Daily Chart:
Fibonacci levels in the daily chart suggest that Wave-II is at an end and Wave-III could start sooner than later.
SL & Targets indicated in the chart
30 min Chart:
Money Flow Index in the 30 min chart is very low - so it could rise.
Price has gone above the 21 period Hull Moving Average
Trade closed manually:
Closed @291.5 for 5.5 points per lot (futures)
Comment:
Closed too early... will enter again after correction. I think it will correct after reaching 297 (futures)... but overall it seems that my analysis was fairly accurate.
Comment:
Analysis has been quite accurate till now... entered more long positions in the past two days...
Comment:
As expected ICICI Bank hit 296.65 as a double top and seems to be correcting down. Shall wait for ~293 before going long again if market conditions are supportive.
(All prices are of futures)
(All prices are of futures)
Comment:
About 13 points up since posting this analysis
Comment:
That's about 35000 per lot profit till now!
Comment:
Was waiting for 293... went long this morning @295... closed @301 (futures prices) for 6 points gain per lot. Total 18 points per lot since posting this analysis. ICICI Bank lot size = 2750... so about 49500 per lot profit
Trade active:
Holding long position. Range levels marked on the weekly chart (left chart) are still valid. SL range has not been broken.