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ICICI bank technical setup icici bank breached trendline and previous support zone
continously stay below
a sign of caution for bulls
can slide to deep red zone
and could lead bank nifty lower
the price possibly can slide to 400/408 zone in coming days
it good only if successfully close and sustain above 432 zone !
ICICI Bank | Head & Shoulder and Bear Flag observedICICI Bank chart exhibiting two chart patterns, both indicating bearish bias. One is Bear flag pattern which imply bearish continuation and the other is Head & Shoulder pattern which illustrates prior trend reversal. Do notice a rising trendline as it may have some significance.
Bear flag pattern is valid as the price has cracked below 428.75. Considering that pole of flag begins at around 440, the target depth as per pattern will be around 15 points i.e at 413.50
Head & Shoulder pattern has not been confirmed yet as price has not breached 424.60 i.e. neck level. Once price closes below neck level (eventually it should as indicated by bear flag) the stock could fall to 406.80.
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