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ICICI Bank | Head & Shoulder and Bear Flag observed

NSE:ICICIBANK   ICICI BANK
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.



(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
Jul 19
Comment: Bear flag target achieved , now trail your profits for Head & Shoulders target

Comments

Very good analysis
Reply
@MCM99, Thank you !!!
+1 Reply
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