ICICI Bank is likely to stay in its channel, No breakouts!
ICICI bank has had a really good year, outperforming its rivals with 31.1% Returns in last 1 year while its main competitor HDFC sits at 13.9%. ICICI Bank is already trading slightly above its 3 Year Median PE.
All this points that a breakout from ICICI's current parallel channel is very less likely, and the bank is going to continue to stay in this channel only.
The lows will be formed either at bottom line of the channel or center line. This will create technical BUY signals for this stock.
All this points that a breakout from ICICI's current parallel channel is very less likely, and the bank is going to continue to stay in this channel only.
The lows will be formed either at bottom line of the channel or center line. This will create technical BUY signals for this stock.
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