ICICI Bank - Channel Breakout Trade Setup

Oct 11, 2016

It is been observed that the price action breaks out from a downward trending channel on hourly chart, indicating a bullish signal and dominance of buyers on movement of price action. It is also important to notice and acknowledge that the price action forms a V-Shape after a breakout. This V-shape formation also refer to the correction to previous resistance level or channel upper trend line. It provides a confirmation of the breakout (refer to Educational 04 post, link provided below)

Target: 254
Stoploss: 248
Risk Reward: 1:4

Oct 11, 2016

Trade active

Kindly update the Risk Reward to 1:2, Thanks to kishore90raj to point it out.

Regards