ICICI Bank set to Dethrone HDFC Bank!Attached: ICICIBANK/ HDFCBANK Weekly Chart as of 5th May 2023
The above Ratio Chart is Significantly Bullish and suggests that in the coming Weeks/ Months you will see Money flow from HDFC Bank to ICICI Bank (which means ICICI Bank will relatively Outperform HDFC Bank and you are better off going own ICICI Bank instead of HDFC Bank)
Bullish Evidence as follows:
- Massive Inverted Head & Shoulder Bottom Pattern has formed implying Upside for the Chart
- RSI in a Bullish regime since October 2017
- The RSI Bullish Divergence that started in October 2017 also marked a Trend Reversal point for the Chart, prior to which the Trend was Down
- Higher Highs and Higher Lows clearly point to an Up Trend in this Ratio Chart
- Fundamental Analysis of ICICI Bank too is confirming with this Chart
As an Investor,
you are better off Owning ICICI Bank and Dumping HDFC Bank
And as a Trader,
Long ICICI Bank NSE:ICICIBANK and Short HDFC Bank NSE:HDFCBANK makes for a Highly Profitable Pair Trade
