It is been observed that the price action is overall trending in a uptrend channel with a short correction in downtrend channel highlighted in blue. Now, on the result day it may touch the resistance level at 280 levels or may go down to 260 levels to next support.
Upside: 280 (Resistance)
Downside: 260 (support)
ICICI Bank after trading within channel and touching 290.00, it is trading towards channel support to somewhere between 260.00-250.00, Traders may go further short on ICICI Bank up a target of 260.00, in near term one can stay short in ICICI Bank.
Looking for C-wave downside in the zone 150-160 where it completes 61.8% of A-Wave. B-Wave was little choppy & sloppy- once it gets the leakage or way downside- it will go into the desired zone.
ICICIBANK which was moving inside the channel in Daily chart. Tried for the breakout of the trendline and failed with a Powerful evening star reversal.
Entry 278
SL 292
Target 1 269
Target 2 258
Reward min 9
Reward max 20
risk 14
ROR1 0.6
ROR2 1.4
Though current entry is not rewarding can be shorted on a pullback if your a risk reward lover.
As observed the price moving has been in a channel respecting the top and bottom of the channel. Everytime it has touched the top of the channel , it has been an excellent selling opportunity. More importantly, it has formed a bearish reversal pattern, the evening doji star at an important resistance levels of 287-291.
Seeing these three points evening doji star...
The stock is respecting the channel nicely and have multiple resistance at this price zone so bull run may halt for time being now or it could see the price range of 250 in the coming expiry. It would be interesting to watch price action and see if it gives chance to trade.
Looks like its subdividing into its 5th wave at micro degree. Till the time 265-266 is not breached I will look upside till 274-275 as 1st target zone. Counting waves at such a lower degree is a nightmare, but I am doing my best.
Incase 265 is hit before going to 274 -275 zone, then I will have to look at the price structure again.
Key Zone- 265-266.
One of the cardinal rules of Elliott waves is wave 4 can never enter into the zone of wave-1 which is 262.70. So, let us see how it moves in today's session if prices go close to 262.70 -which is a key level for us -risk is very small here but could be potential downside move
Strict Stoploss- 262.70 + few ticks above 263
If it enters above 262.70 then my count...
Below 239- Bank could travel in the zone 236-237 but not much left downside as momentum is slowing down likely if it bounces above 240 later from the fall that could be seen as a recovery in the bank & we could see it travelling into 255-257 zone ((ii))-((iii)) wave is retraced 38.2%- This is just an assumption so let us wait for the market to show us the way...
It has been observed that price is moving in an ascending channel, over a period of few months.
Will be interesting to see if white bold support line holds on. It could be bottoms up situation developing here.
Buyers seem to be taking grip now.
Tgt around 256.
SL your own.
Suggestions appreciated.
ICICI Bank on 4 hour chart looks to break upside. More bullish candle to confirm the trend reversal.
Can be bought above 252.
Target around 260
With Stop @248
Suggestions and Comments appreciated.
There are 3 reasons for a bullish move in ICICIBANK
1. Channel support
2. Bullish BAT
3. Elliot count (End of an impulse wave 5) near 239.
One can go long for 250 - 255 with the Stop loss of 235
Looking for push upside from 240-241 zones with key support@239 for target zone 245-246. Once it reaches 245-246-we will wait & watch -if that bounce gets extended even beyond 249.50 then it will indicate that 4th wave correction is still ongoing but we will enter buy again only above 251.25.
There is another way of looking going into zone 245-246 & falling back...
ICICIBANK BREAK UPTREND CHANNEL NOW STOCK CAN CORRECT TILL 220-200 BUT HERE ALSO SUPPORT AT 237.. IF ANYONE WANT TO TAKE NEW POSITION THEN SELL ONLY BELOW 237 IF CLOSING BELOW 237 THEN ICICIBANK WILL GONE SURE,,
From last 6 months trading within the channel and looks today reached bottom of the channel. Further will be heading towards the previous high of 282. One can wait for the momentum to reverse with a stop loss at channel bottom.
