ICICIBANK
ICICIBANK - Ichimoku Bullish Breakout Stock Name - Icici Bank Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 892
#This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
# Cloud Trading
# Ichimoku Cloud
# Ichimoku Followers
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Hammer PatternHammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
The lower shadow should be at least two times the height of the real body.
Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.
Script = ICICI Bank
Time Frame = 15 min
ICICI Bank: Wants To Repeat Its Past ?Technical Analysis:
The ICICI Bank chart shows several bearish signals.
1. The price has failed to cross the previous lower high, indicating a lack of bullish momentum.
2. The price is below both the 20 and 200 moving averages, which is typically seen as a bearish signal.
3. There was a previous attempt to breakdown, but it failed, leading to a double top pattern formation, which is considered a bearish indicator.
4. The resistance levels are strong, but the supports are weak, which suggests that the price may fall further, potentially down to the 800 level.
Overall, the chart indicates bearishness for ICICI Bank.
Head & Shoulders in ICICIBANKICICIBANK stock is forming head and shoulders pattern on the 15 minutes time frame. This is coming after a broadening formation which is also a bearish pattern.
That's two bearish patterns back to back. Bearish trade can be initiated upon breakdown of the H&S trendline. Measured move target: 850.
KotakBank Double Bottom RSI DivergenceDouble bottom pattern is formed on daily chart of KotakBank. RSI is making higher lows which is sign of RSI Bullish Divergence.
Entry
We can go long after close of strong bullish candle near 2nd bottom.
Target
Target 1 - will be the next resistance as marked on chart.
Target 2 - After 1st target is achieved and price breaks above neckline of W pattern then 2nd target will be next resistance zone.
Stoploss
We can keep stoploss below the double bottom support zone.
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ICICI Bank: Is it a good Buy now...???ICICI Bank
Every thing explained in chart itself.
Just to reiterate
- 868-888 may act as resistance zone
- Minor support at 835-840
- If that is taken out then downside possibility opens up once again for sub 800 odd levels
Given the setup one may consider to go for a Bear Call Spread strategy for Feb series
Sell 880 Call option
Buy 920 Call option
Profit potential of 11.6% on Margin requirement. Risk of rise up to 888 is taken care of by the strategy.
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be