mklives
Short

ICICI BANK.. Dark Cloud Cover??

NSE:ICICIBANK   ICICI BANK
ICICI BANK finally showing some weakness, it had broken the daily trendline and also has retsted it today and closed in red.
looks like it also has formed Dark Cloud Cover pattern.( if anyone can confirm). if yes, its a good time to short,
expecting to test 20 dma and daily kijun.
Also RSI is showing some negative divergence but not something ominous

Comments

Let's roll up to monthly candlestick chart. RSI is 77.62 , an overbought zone. Moreover CMP is 15% higher than 20DEMA which is very high. Therefore, there is widespread expectations of a mild correction in ICICI Bank. It has a support at 520 on daily candlestick. One may expect correction in the first stage up to 520
+1 Reply
mklives datepuru
@datepuru, it might test 20 dma give a small bounce and them correct again
Reply
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