Swing Opportunity in ICICIGI
Updated
Go Long above 1538.1 for Targets of 1576.2, 1614.3, and 1652.4 with SL 1500
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it and thus the stock is forming ascending channel pattern.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. In addition to this there is a strong trendline (marked with green color), which is providing support to the stock.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it and thus the stock is forming ascending channel pattern.
Trade active
Entry triggered on 15 Nov 2021Trade closed: stop reached
SL hit on 18 Nov 2021
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