ICICI Bank | Head & Shoulder and Bear Flag observed

AkhilSuryaFS Updated   
ICICI Bank chart exhibiting two chart patterns, both indicating bearish bias. One is Bear flag pattern which imply bearish continuation and the other is Head & Shoulder pattern which illustrates prior trend reversal. Do notice a rising trendline as it may have some significance.

Bear flag pattern is valid as the price has cracked below 428.75. Considering that pole of flag begins at around 440, the target depth as per pattern will be around 15 points i.e at 413.50

Head & Shoulder pattern has not been confirmed yet as price has not breached 424.60 i.e. neck level. Once price closes below neck level (eventually it should as indicated by bear flag) the stock could fall to 406.80.

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Bear flag target achieved , now trail your profits for Head & Shoulders target


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