If It Sustains above 730 it can give a good target of 1000.
Low-risk High-reward
Fibonacci Support
RSI Support at 30RSI
700 psychological Level
Upper Trendline Break
ICICI bank long setup inside channel pattern. Stop-loss targets are plotted on the chart. Los risk trade setup only if it bounces back from the Confluence zone of the support area and TL.
It is a 1hr Time frame chart.
Intraday/Swing call to its IPO resistance.
An inverted Head and Shoulder pattern seen and the it is time to ride this pattern.
Low Risk Play.
I've been keeping an eye here and today's candle suggests that it refuses to fall below that very strong support.
The targets can be even more.
Stock has crossed above the Ichimoku Cloud and seems set to head back towards its All time High.
From another perspective , one can also say that there was a breakout from a Pole Flag pattern on the day of Breakout.
Simple Price Action analysis.
Breakout from a flag pattern.
The stock could just keep climbing hereon or there could be a small dip on account of the round bottom formation (CUP).
If there is a pull back then a Cup and Handle Pattern would be in formation .
Either case the breakout level is 2380.
After the recent correction, the stock has now turned tides.
Awaiting a breakout of the falling channel.
MACD also looks set for a positive crossover.
Usually , technical analysts recommend buy on horizontal breakouts but when there are more factors to suggest an up move right at the bottom, it is worth taking a risk of 30% of your planned investment in a stock.
After a long uptrend, there has been a good consolidation in turn forming a Pole Pennant Pattern.
There has been 4 unsuccessful attempts to breakout past 1280 and with many indexes gearing up for an up move, so shall the IT midcap index and MASTEK looks one of the front runners in this space.
