ICICI Bank: Is this the beginning of the end...???ICICI Bank
CMP 337
An interesting observation on a multi year chart
- we are looking at 13 year time frame for ICICI Bank
- each time ICICI Bank came near the upper end of the channel it has terminated its uptrend
- interestingly ICICI Bank has tested & terminated its rally at the upper end of the channel around January time on all the 3 previous occasions
- the correction thereafter has been of the magnitude of more than 30%
Why only January I don't know neither I'm interested in knowing. But what I'm happy about is it certainly helped us manage our trade.
And if you have been Following us you may have noticed that In our previous coverage on ICICI Bank
where we recommended a buy around 349, we twice highlighted to book at least partial profits around 380 levels - once around 377 on 8th Jan and then on 9th Jan at 382 odd levels. There were just mystery blue lines in there.
Well the chart above solves the mystery for you...
Going forward, on any pullback, level of 355-360 should be watched carefully and should not be breached on the upside.
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Take care & safe trading...!!!
