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Cup & Handle breakout signal in ICICI BankToday's candle marks the break out of the Cup & Handle pattern in ICICI Bank's daily time frame chart.
We may see a couple of days of profit booking due to the following reasons:
1. F&O Scrip
2. Near lifetime High
3. Has been closing in green for 8 consecutive days
But, don't fret. Good days are only going to be ahead. I will suggest accumulating on every dip with an SL of 837.6 from the medium to long-term view. From a short-term perspective, one can have an SL of current swing low i.e. 891.25. Both are on a closing basis.
this is the hourly chart of icici bank futuresthis is the hourly chart of icici bank futures
there was a strong supply zone made on the 21st of December (marked) and it was respected this morning when the markets corrected as well. it also does resemble the bullish double bottom pattern and it happening in the hourly timeframe could be a strong signal.
I connected the dots to find that the chart might be making a new uptrend from the 717.30 levels and the first resistance is immediately at 739.85. this level will be acting as a very crucial level.
traders will have an opportunity to buy if the candles cross 740 with momentum for a target of 771 or sell if it resists the level again for a target of around 717.00
I frankly wouldn't sell as the indices may show an up-move and test the upper trendline.
*education purpose only
ICICIBANK Trend AnalysisICICI bank has been falling for the last 5 trading sessions and this is just a mere sign of correction because of the massive gap-up opening on news of its results.
ICICI might correct up to 770 levels and in case of a bearish market, up to 750 levels.
However, this is a strong stock with a good future ahead so it might be a good idea to buy on dips.
Please consult your financial advisor before making any decisions.
Am I analyzing correctly ? Icici bankHere I am new and learning all about trading and analyzing and this is the best platform to interact with the professionals and masters.
Here is my question is just that am I analyzing correct inverted cup and handle pattern in icici bank in hourly chart pattern ?
Q1 Results for ICICI Bank have come ! Should you be Buying it ?As the Q1 results of ICICI Bank have come you may thinking if you must buy and hold the stock. If yes! Then what should be your targets for the same. In this Analysis I will try to share my entry points and targets which will help you get into the market and gain your profits.
The Strategy
I Recommend the entry for Short term , as the Stock seems to sustain above 20 EMA and the MACD is in buy zone we can take entry at the Swing High which is 385.50. Once the Stock crosses 385.50 a momentum can be seen in the stock. We must exit at 1 or 2 points at max as the Candles would be away from the support zone. Keeping the Quantity more ie. nearby 1000 or 2000 can easily help us make 1000 to 2000 INR on Monday morning.
Entry and Exit Price - TARGET
Entry / Buy Price : 385.55
Exit / Target Price : 386.55
Long Term Vision : NOT RECOMMENDED
(Intraday) Swing Day on ICICI Bank
1. Descending Triangle Pattern Formation On ICICI Bank Chart.
2. Fibonacci Retracement drawn from last high and low on Hour chart. The closing price is above 23.6%. So, It will at least retrace to 38%.
3. The maximum it may go up to 50% Retracement. There price may get the rejection from the day trend line.
4. Buy above 293, Target: 295, 297 Stop Loss: 290
5. MY OPINION DON'T TRADE UNTIL CLEAR SIGNAL COMES OUT. TARGETS ARE TOO LOW.
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