ICICIBANK BUY ON BREAKOUT 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 assumed that the methods, techniques, or indicators presented in these chart will be profitable or that they will not result in losses. There is no assurance that the strategies and methods presented will be successful for you. Past results are not necessarily indicative of future results. You should not trade with money that you cannot afford to lose. Example presented in these chart is for educational purposes only and it should not be assumed that these are indicative of ordinary trades. These setups are not solicitations of any order to buy or sell. The publisher assume no responsibility for your trading results. There is a high degree of risk in trading.
ICICIBANK
ICICIBANKCMP-369.5
As discussed yesterday, the last hour buying resulted into uptrend whole day. current closing is at 100days EMA(370), which is a good sign. both RSI (56) and MACD had improved (increasing height of green histograms). next level resistances stands at 371 where it had observed multiple rejections. and above that 375 and 383(which is the Fibonacci retracement level .618).
today also buying was strong in last hour of trade, this would translate into numbers in coming day. stay invested, keep patience.
ICICIBANKcmp-360.20
20DEMA- 360.11
todays closing above its 20 Days EMA. buying with good volumes seen in the last hour of trades, it indicates tomorrow it will show strength. major resistance is at 366 level where it had touched and returned twice. bottom side support is at the level of 355-356.
RSI is just above 50, which indicates weakness.
MACD on daily as well as hourly charts indicates weakness. my point of view os bullish due to the recent successful completion of QIP above the initial indicative price of 351. the prices will either remain in the range of 355-368 range and it will breakout above 390 range.
ICICIBANK LONGI 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 assumed that the methods, techniques, or indicators presented in these chart will be profitable or that they will not result in losses. There is no assurance that the strategies and methods presented will be successful for you. Past results are not necessarily indicative of future results. You should not trade with money that you cannot afford to lose. Examples presented in these products are for educational purposes only and it should not be assumed that these are indicative of ordinary trades. These setups are not solicitations of any order to buy or sell. The publisher assume no responsibility for your trading results. There is a high degree of risk in trading.
ICICI BANK Intraday.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.
ICICI BANK - Long Position can be taken for the current weekICICI 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.
10 Aug to 14 Aug 2020 - Watch Banks that are NR7 candidateThis is the chart of BANKNIFTY nearing a resistance zone. If BANKNIFTY goes above resistance of 21950 , a major move to the next resistance can be kept as target at 23150 .
Another important point to be noted is a lot of bank stocks are NR7 candidate indicating a power move in the next trading day.
Keep Bank Stocks in your Watchlist for Monday 10 Aug 2020.
So as always,
Beware : Please keep in mind and stay away from False Breakout Traps.
Also this is not any recommendation, it is only for educational purpose.
Trade at your own risk.
WHY THE 2ND MOST TRACKED STOCK?After a steep fall due to covid-19, ICICI bank is 2nd most tracked stock in the world right now. Of course the fundamentals ae great, so why ICICI is not able to break its 1/3rd retracement level. ICICI is given buy rating by most of the broker, why? The stock is stuck in an accumulation rectangle pattern, which is a bullish pattern after the decline. If it completes H and S pattern, this can be considered as an continual H and S because the overall sentiment is bullish. If it trades at more the 385 level then the stock is very bullish and the stock is bearish lower 333 level
WILL THE H AND S PATTERN COMPLETE IN ICICI BANKDoji 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.