IBNC trade ideas
Ascending triangle in ICICI Bank Ascending triangle & double top breakdown and resistance .
what is Ascending triangle?
An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns.
will it retest the support ?? if yes. then we can enter when it fails to break.
entry level is 721, 720 or 719
stop lose is 716 or 715
below 712 it does not look good
max target 740rs according to ascending triangle
735 is the best target according to me.
ICICI Bank (Dt. 06.09.2021)After consolidating for almost 5.5-6 months, ICICI Bank gave a breakout in August 1 week which it has retested and confirmed in the last week of August. While it is forming a classic flag n pole pattern on hourly Tf, soon we can expect ICICI Bank to achieve levels of 750-775 (Pole length is arnd. 40 pts.)
[ INTRADAY ] ICICIBANK LONG BET
risk: Reward ratio is 1: 2
Rest as per Charts
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Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells “where” to act in “what direction. Unless it triggers, like, let’s say the candle doesn’t break the level which says “Buy/Sell if it breaks”, You should not buy/sell at all.
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I use shorthands for my trades.
“Positional” - means You can carry these positions and I do not see sharp volatility ahead.
“Intraday” -means You must close this position at any cost by the end of the day.
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Always follow a stop loss.
In the case of Intraday trades, it is mostly the “Low/High of the Candle”.
In the case of Positional trades, it is mostly the previous swings
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Icici bank view As mention details in chart three time it touch 735 which is major resistance. And five it touch 700 and from that it bounce back. But can not sustain above 715 level. Today it is close at 700,if it close above 715 and sustain one can enter in it for 735,750,765 target. Do your own research before investing.
FY21-22 Swing Trade Idea #155: Long on ICICIBANK This is a public swing trade idea (other private ideas accessible through website) and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. We would comment on any further updates on our entry, targets and stop-loss on this idea, so make sure to follow if you want to get further updates. Our objective to help anyone who wants to learn technical analysis using charts. You can post your queries in comment section here and we will try to answer asap.