I hope you can now see how ICICIBANK represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be...
The price took support of the Ichimoku cloud at 358+. The future cloud is in green. The MACD is in green. The momentum is at 21 which is positive sign.
Resistance Levels: It might see 1st resistance at 379.45. 2nd level resistance is at 392.45.
Support Level is at 339.10.
ICICI BANK Stock has been moving in a range of 340 & 380. 340 levels have emerged as a strong support and 380/390 as a strong resistance. Within the range the stock is trading with a positive bias. Fresh Long positions can be initiated with small SL at 348 for target of 370 and 380.
ICICI Bank is currently trading at an important level.
If tomorrow it opens above 365 then we can go long on this name as 365 will act as strong support for the stock.
However if it opens below 364 and fails to break 365 in first few mins, we can short this as 365 would be strong resistance.
Doji in daily chart says reversal from a small downtrend, it looks like it could complete a H and S pattern. Lets see if this H and S is a reversal or a continuation because the overall sentiment is bullish for this stock. The stock is very bullish it it crosses 200 day MA or 390 levels.