ICICI Bank is showing Negative divergence on RSI of 15 and 30 minutes chart. Sell below 432 ( 20 EMA on 15 min) with stop loss above 437 for target 427- 421. Stock is showing fatigue near 430-437 zone.
Stop Loss 1: 393
Target 1 for March 18th: 402
Stoop Loss 2: 398-399.5
Target 2 for March 18th: 411
Make money with me :)
P.S. This is according to my analysis and learnings after making many trades with ICICI Bank, most successful & a few unsuccessful. I have succeeded more in shorting this script but this seems the perfect time to go long.
AS A BROAD APPROACH, BANKING SECTOR SHOULD STAY BULLISH AT THIS POINT TILL NEXT YEAR AS VARIOUS TAXATION BENEFITS WILL PROVIDE MORE CASH FLOW FOR THE BANKS.
BANKS MIGHT HOLD MORE CASH THAN EVER BEFORE AS MORE ACCOUNTS WILL USE IT'S SERVICES TO INCREASE THE OVERALL REVENUE OF THE BANKS.INCREASE IN CASH FLOW WILL INDIRECTLY INCREASE THE VALUE OF THE STOCK AND A...
ICICI Bank 26.2.2017
Buy Stop order
Current Price: 285.25
Entry Price: 301.40
Time Frame: Monthly
Type of Trade:
Long Term Trade
Reason For Trade:
Stock is in an uptrend
In the month of January 2017 Stock has bounced from 50 SMA
RSI has bounced from 20 SMA and RSI is above 50 at around 55
It is been observed on the daily chart that the price action forms a two harmonic patterns.
1. Bearish Crab Pattern
2. Bullish Cypher Pattern
I have covered different harmonic patterns in the educational series which you may find in below attachments.
I shall be sharing an educational post on Crab and Cypher patterns by this weekend for better...