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.
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watch for a throwback and test of 400 levels
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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 )