ICICI Lombard Long opportunity

Nov 1, 2021

ICICIGI

Stock -> ICICI Lombard

TimeFrame -> Daily

Hello All!

ICICI Lombard has been moving in a channel. It has been taking regular supports from its lower channel trendline since July 2018. It's now back at its lower channel trendline and this generates an opportunity to go long.

There are multiple reasons to support going long on this:

1) Support from the strong 200 daily EMA

2) Support from 50 weekly EMA

3) Breaking of the Resistance trendline

4)Stock has shown signs of reversal from a strong support zone

Thus there is a strong confluence and the Reward to Risk ratio seems favorable as well!

The only problem is the index behaving erratically. So it's advisable to enter with a lesser quantity than usual and keep on adding further if the stock moves as per the analysis.

*NOT A CALL*