ICICI Bank Ltd! Bullish Price Channel

Technical : Price Channel Target @ 342

Chart Pattern : “Bullish Price Channel”

Main Trend Line: At 1 April 2009, 1 January 2016, reaction lows formed the beginning of the main trend line .

Channel Line: Once the main trend line was in place, the channel line beginning from the 1 January 2008 high was drawn.
A visual assessment reveals that these trend lines look parallel. More precise analysts may want to test the slope of each line, but a visual inspection is usually enough to ensure the “essence” of the pattern.

Bullish Price Channel: Subsequent touches along the main trend line offered good buying opportunities in mid- 1 March 2016.

The stock did not reach channel line resistance until 1 Dec 2014 (red arrow) and this marked a significant reaction high.

If channel line resistance break with an acceleration above marked (blue arrow). Then Some analysts might consider the stock overextended after this move
Comment: Correction
*Technical: Price Channel Target @ 342 is a typing mistake.*

Please Read Price Channel Target @ 415
Comment: Enjoy the Fresh 52 week High @ 364.45
Today close near 2.90% Up :-)
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