ICICI Bank is forming a reverse Head and Shoulder Pattern on a 2 H time frame. The next support would be between 309 -311. There is also a negative divergence on the RSI. Can go short on Monday
For any divergence it has to be confirmed with a Higher high or lower low. In this case the higher high is not yet confirmed @334.30. You have to wait for atleast the finish of 3 candles to confirm that 334.50 is the high.
So it would be prudent to wait for the confirmation and take two successive lower lows before entering the trade. There is a bit of support @322.55. If it is taken out you can go short to the next level of structure between 309 and 311.
Trade with caution. Best of luck.
So it would be prudent to wait for the confirmation and take two successive lower lows before entering the trade. There is a bit of support @322.55. If it is taken out you can go short to the next level of structure between 309 and 311.
Trade with caution. Best of luck.