fcsa

ICICI - Probable start of Wave-III

Long
NSE:ICICIBANK   ICICI BANK
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
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)
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.