ICICIBANK forming a expanding channel BUY signals at 369I WILL LOOK AT BUYING OPPORTUNITIES AT ICICIBANK because :
It is forming a continuous channel pattern.
It is kind of expanding pattern .
It has been taking the support of the lower trend line .
Now the price is again at its support level so will be looking at buying opportunities.
Entry : 369
Target : 416
Stop loss : 346
ICICIBANK
Why #Banknifty maybe headed to new lowsWhat we saw today is the last subwave v of the first leg (wave1) of the downward move. This should terminate a few hundred points lower and start a wave 2 correction and then the really rapid acceleration down in wave 3 which will "surprise" everyone.
The story is clear - the trend has turned. We should expect new lows in this index and then it should reconcile with the economic condition on ground.
All Banking stocks are sporting corrective rallies that have ended - there will be no respite whether you are HDFC,ICICI,Axis, SBI, or a Bank of Baroda
ICICI BANKIt has come to an Ichimoku Kumo support on daily time frame. In lower time frame it has given signs of reversal. It could retest 378 / 390 / 410 if it stays above 362.
Ichimoku is a Japanese study based on specific Moving Averages wherein just like Dow Theory the analyst with a one glance deciphers if price is above Kumo or below looking for an equilibrium set up
ICICI Bank looks bullishBanknifty has been a major underperformer in the current market. This is majorly due to the heavy weights such as HDFC Bank, ICICI Bank, Kotak and Axis Bank not moving higher in a sustainable way and hence they correct 70-80% after a small rally. ICICI is a great candidate for a short term trade. Overall structure for ICICI Bank is looking bullish with 6 wide range candles visible, on back ok more than average volume. This is a sign of strong buyers. 2 weeks ago ICICI Bank had given a breakout above a resistance zone from 265-285. Now it is taking support near the previous resistance zone. I would like to go long above 395 with targets of 440 and 485 in the coming few weeks. Personal stop loss will be at 350 levels. The reason why I want to go long above 395 is because 395 is the mid point of the wide range bearish engulfing candle, and a mid point of a wide range candle can be used as a support or resistance. Risk should be managed according to your risk appetite and the SL mentioned is according to my risk appetite.
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
ICICI Bank on shorter degree Elliot wave explanations Its drawing nothing to suggest its shorter degree Elliot Wave which is on most confusing wave 4 it may reverse from 14.6% or 23.6% or max 38.2% show if you agree You can follow up this trade
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