ICBA trade ideas
ICICI BANK Short OpportunityICICI BANK SHORT (Hourly Chart)
Short below 934
Targets: 925/911
SL: 939
- Tight Consolidation of one month.
- Descending Triangle Pattern in Hourly tf.
- Weekly Resistance Reversal
- Consolidation and distribution phase near All-time High (ATH).
- Breakdown Below 200 EMA (hourly) and close below 934 will trigger a quick sell-off.
ICICIBANK - EW - Short time correctionStock is trading in Impulse on Major (Weekly and Monthly) Timeframe.
Currently, trading in a short-term correction. Retracement levels are marked on the chart.
4 wave of Major 5 is going on.
Expected to complete short-term correction in max 2 weeks and again start up move.
The analysis is only for educational purposes. Please trade at your own risk
ICICIBANK to take long entryICICI Bank is in a strong uptrend. Look on every 50 EMA stock bounce back to move upwards. Now the stock is in the consolidation phase. Once clear BO above the resistance area above 946 with SL of 935. levels of nearly 1000 can be seen soon in the coming days. We can do Pyramiding trade on every 50 EMA level touch. This is for your educational purpose only.
If U want to trade right see leftIt is often said - "History does not repeat, it rhymes"
Price is making a rising wedge pattern similar to the earlier one (on the left side).
It has also reached the previous resistance.
Q - > Will the next move be similar ?
A - > Not sure right now, but indications of being extra cautious are popping up as the days go by
Indications -
1. The steepness of the rising trendline support - such steep trendlines do not hold for a longer time and normally the support give away
2. Price has developed Bearish divergence with the momentum indicator right at the resistance level
So, at least as a trader we need to keep ourselves close to the exit door.
Happy Trading !
Icici Bank chart studyIcici bank spot cmp :- 927
Study :- Harmonic Patterns
Time frame :- Daily
Pattern Type :- Bearish Bat pattern.
Details :- AB leg can retrace between 38.2% – 50% of XA leg.
BC leg can retrace between 38.2% – 88.6% of AB leg.
CD leg can retrace up to 88.6% of XA leg.
PRZ :- 940-950
Pattern violation :- 958 (closing basis)
Reversal confirmation :- Bearish pin bar candle formation.
Keep watch.