ICICIBANK is in downtrend since last month. Correction wave "C" is incomplete and in progress.
Stock has entered oversold area on Daily charts which indicates BUY setup. But on weekly charts it is in overbought area and does not confirm weekly chart setup.
So stock should drop in next few days. SHORT position can be initiated below 274.5 with targets 270 (1st), and 264 (2nd). Stoploss should be 279.
Stock has entered oversold area on Daily charts which indicates BUY setup. But on weekly charts it is in overbought area and does not confirm weekly chart setup.
So stock should drop in next few days. SHORT position can be initiated below 274.5 with targets 270 (1st), and 264 (2nd). Stoploss should be 279.
Comment:
Target 1 (270) reached as expected. Target-2 (264) is very close now. All the best.