ICICIBANK Trendline reversal with Evening starICICIBANK which was moving inside the channel in Daily chart. Tried for the breakout of the trendline and failed with a Powerful evening star reversal.
Entry 278
SL 292
Target 1 269
Target 2 258
Reward min 9
Reward max 20
risk 14
ROR1 0.6
ROR2 1.4
Though current entry is not rewarding can be shorted on a pullback if your a risk reward lover.
Search in ideas for "ICICI"
ICICI BANK Daily Chart Pattern Analysis 23.11.2021ICICI BANK as per Daily Chart Pattern Analysis has consolidation, Breakout and Downtrend channel before next consolidation. Once the Stock breaks the downtrend channel it should start consolidating between 775 - 800 level for the next break out. Holding the Stock. Happy Trading to all.
ICICI Securities: Chart set up and viewICICI Securities
Closing Price 448.10
Observations
- the stock was amongst the first to surpass the pre Covid highs in July
- however since then it has been in downward slope
- the yellow zone is an important support zone
- it also coincides well with 38.3% Fibonacci support levels
- the stock may be in consolidation mode as for now
Given the set up a trade Any dips towards the yellow zone may be looked as an opportunity to accumulate from medium term perspective
Closing above the red trend line would give confidence to bulls of new rally starting in the stock and we might see some Momentum in the price movement. Target in that case could be around 524 odd levels. Sustaining above that would open doors for next target of 572
On the lower side one needs to be very cautious especially if the Blue line is taken out. It looks like the last guard of support and below that Bears might have an upper hand
ICICIBANKICICIBANK has broken above the swing high today and it is on the verge of closing above RK's short stop loss line, this can possibly lead to the next step of up move.
Also macd and other indicators are also suggesting same scenarios, As per wave counts, minor degree wave iii can possibly unfold at 777 and more, On the way down 694.50 level would be support to watch out for forthcoming trading sessions.
rk buy signal in daily and also close above rk SL line
macd in weekly converging
macd in daily positive
rsi in daily uptick along with double breakout
dmi adx converging towards positive
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My studies are for educational purpose only.
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