ICICIGI Long (24 Nov)
RSI divergence
Buy above-1520
SL- 1430
Target- 1609, 1660
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NSE:ICICIGI
Stock -> ICICI Lombard
TimeFrame -> Daily
Hello All!
ICICI Lombard has been moving in a channel. It has been taking regular supports from its lower channel trendline since July 2018. It's now back at its lower channel trendline and this generates an opportunity to go long.
There are multiple reasons to support going long on this:
1) Support...
ICICI Lombard should sustain the breakout this time. While deeper stop losses can be followed, for short term trades, I feel, one should stick with the stop loss of Rs.1540
ICICI Lombard GIC is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs135.92 billion for the year ended March 31, 2020. The company issued over 26.2 million policies and settled over 1.86 million claims as on March 31, 2020.(Source : Company Website)
Check to the chart for more information !!!
This chart is only for educational purposes. Do your due diligence before investing or trading. I'm not responsible for any profits or losses that arise from your actions. The purpose of sharing this chart is only for education, and it serves as my personal diary.
Not a recommendation.
Buy ICICI Lombard
LTP 1454.75
Stop below 1425
Target 1500 / 1520+
RSI in the daily chart is crossing the 50 mark
MACD in the daily chart is crossing over into the bull zone
Volumes are good at 1.603M
20 DEMA is showing a reversal
A weekly reversal is taking place in the pair chart suggesting upside of 3.45/3.60/3.70, the view negates below 3.05
The bias is Lombard could outperform Prudential in short to medium term.
