ICICI Bank Ltd - 11.02.2022
The stock is trading @ 790 levels
The prices are near EMA
There is a SPINNING TOP in Weekly Charts
RSI is 58.97 in Weekly Charts
Let the prices go above 806; one can initiate a BUY Position with Support @ 773
There is a RESISTANCE Zone at 810 levels
watch out for the price action
The resistance zone has been quite strong for icici bank, can possibly act as support now after breaking out.
If the formation of double bottom is completed and it breaks the trendline, high probability of reversal.
The levels of 630-635 are being defended by the buyers.
It is a confluence of multiple supports coming in.
The breakout if happens should nullify the...
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Entry : 633
Stop Loss : 631
Target : 635/637
The analysis is based on simple price action only. Entry point given are valid if the resistance / support breaks convincingly. For that learning candlesticks psychology is a must one.
Note : Don't jump in to the trade once market reach the entry level, most of the time will get better entry and that gives better...
Long @560
Target 1: 615
Target 2: 690
Stop Loss: 525
There may come a correction to lower levels first and then the longing opportunity may come, wait for 560 levels.
Decreasing Volume indicates the possibility of a decent short as well but does not seem a big threat.
Note: The post is only for education purposes.
Note: This is for educational purpose only.
There seems to be a build up near resistance which indicates strong buying pressure coming up. RSI above 60 further adds to the indication of bullish momentum.
Note: This is for educational purpose only.
Seems like formation of Inverse Head & Shoulder pattern. RSI above 60 and high buying volume indicates a bullish breakout.
ICICI bank is following a parallel channel. Today It took support exactly at the lower channel on the hourly chart. So I think we should go long with ICICI bank.
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Thank you.
Disclaimer: All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
INTRA-DAY TRADE IN ICICI BK MAY FUT
BUY@346
STOP@344
TARGET@349
QTY=2750
!!please note trade with caution!!
!!manage your risk!!
!!trade-wise!!
!!please adjust for future rates!!
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