Cup and Handle Pattern:
There was a breakout above the handle, which is a strong bullish signal. The price broke above the resistance level formed during the handle, indicating potential for further upside movement.
Resistance:
The previous resistance level around 1660-1700, which has now been broken, can be considered a new support level.
Support:
The area around 1600, which acted as a neckline for the cup and handle, is now a significant support level.
Volume Analysis:
An increase in volume during the breakout is a positive sign. If the volume continues to remain strong on up days, it reinforces the bullish sentiment.
Potential Target Levels:
The first target can be around the previous high near 1800-1850.
Further targets can be calculated using Fibonacci extensions or by projecting the depth of the cup (around 200 points) added to the breakout level, giving a target near 1900.
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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks
The chart shows a classic "cup and handle" formation, which is typically a bullish continuation pattern.
There was a breakout above the handle, which is a strong bullish signal. The price broke above the resistance level formed during the handle, indicating potential for further upside movement.
Resistance:
The previous resistance level around 1660-1700, which has now been broken, can be considered a new support level.
Support:
The area around 1600, which acted as a neckline for the cup and handle, is now a significant support level.
Volume Analysis:
An increase in volume during the breakout is a positive sign. If the volume continues to remain strong on up days, it reinforces the bullish sentiment.
Potential Target Levels:
The first target can be around the previous high near 1800-1850.
Further targets can be calculated using Fibonacci extensions or by projecting the depth of the cup (around 200 points) added to the breakout level, giving a target near 1900.
By keeping an eye on these levels and the overall market conditions, traders and investors can make informed decisions about their positions in ICICI Lombard.
for MORE check in my Tv-id
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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.