atul4b95
Long

ICICIPRULI ::change of trend with inverse H&S may see 450 levels

NSE:ICICIPRULI   ICICI PRUDENTIAL L
NSE:ICICIPRULI was in a falling wedge pattern from which it has a convincing breakout on 19/12/17 and also a throwback to the falling wedge pattern found support on 2/1/18. Now a valid ( with break of neckline ) inverted Head & Shoulders pattern has been formed today 8/1/18. Inv H&S is a very strong reversal pattern and as per measured move the immediate target would be 440-450 levels.
Longs can be initiated at current levels or better around 400-405 levels with a stoploss below 392.
Also price is trading above all the three 20,50 and 200 ema and are all pointing upwards suggesting uptrend.
Comment: watch for a throwback and test of 400 levels
Comment: Tested the 400 levels on friday and had 3% up move today.
Also on daily charts , bullish continuation candlestick pattern called rising three methods has been formed today ( although there are four bear candles in between )
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