ICBA trade ideas
ICICI Bank 1000 Target hit sell recommended near 1055On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
ICICI bankTrend deciding zone is 986 - 991. As there is a trend line resistance around this zone, the strength price gaining here will play an important role in trend direction.
Buy above 992 with the stop loss of 986 for the targets 998, 1004 and 1012.
Sell below 982 with the stop loss of 988 for the targets 976, 970 and 962.
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Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
You are responsible for whatever you do.
ICICI Bank down side Target 950 On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
ICICI Side Base for intraday 2nd JanuaryICICI is consolidate between 990-1008
Overall view of this chart:
create high near about18 December after that create a downtrend and at support area 990 it's consolidating .
If break 990 and price wait under 990 for 1-2 days then we can see a downtrend move for this stock.
If price goes up above 1008 don't create position wait for retracement . after retrace our entry will be occur.
Also we have to aware about fake breakout and breakdown.
Indicator: MACD indicate bullish divergency .( Upside move may come )
ICICIBANK - The Gabbar of BANKNIFTY forms H&S in 30 Min ChartsUnveiling the Head and Shoulders Pattern on 30-Minute Charts
Introduction:
In the dynamic world of stock trading, technical analysis serves as a powerful tool for investors to identify potential trends and turning points in the market. Recently, ICICI Bank has caught the attention of traders and analysts as it has formed a significant technical pattern on its 30-minute charts – the Head and Shoulders pattern . Understanding this pattern and its potential implications can provide valuable insights for those navigating the complexities of the stock market.
The Head and Shoulders Pattern Defined:
The Head and Shoulders pattern is a classical reversal pattern that often signals a shift in the prevailing trend. This pattern typically unfolds after a bullish trend and consists of three main components: a left shoulder, a head, and a right shoulder. The formation resembles the outline of a head and shoulders, hence the name.
Key Characteristics of the Head and Shoulders Pattern:
Left Shoulder: - The left shoulder represents the initial phase of the reversal pattern and is formed by a peak in the price after a bullish trend. It is followed by a decline, indicating potential weakening of the uptrend.
Head : - The head is formed after the left shoulder and represents a higher peak in the price. This signifies a last attempt by buyers to push the price higher. However, the failure to establish a new high results in a decline, marking the formation of the head.
Right Shoulder: - The right shoulder follows the head and is characterized by another peak, similar to the left shoulder. This peak is typically lower than the head, forming a neckline. The right shoulder's formation indicates a continued struggle between buyers and sellers.
Neckline : - The neckline is a horizontal line drawn across the lows of the left shoulder, head, and right shoulder. It serves as a crucial level of support, and a breach of this line is considered a confirmation of the pattern.
ICICI Bank's 30-Minute Head and Shoulders Pattern:
As we analyze ICICI Bank's 30-minute charts, the formation of a Head and Shoulders pattern becomes evident. The left shoulder, head, and right shoulder are clearly identifiable, and the neckline acts as a critical level to monitor for potential confirmation.
Left Shoulder Formation:
The left shoulder is marked by a peak in price, followed by a decline, signaling the end of the preceding uptrend.
Head Formation:
The head is formed as the price attempts a higher peak but fails to establish a new high. This failure results in a subsequent decline.
Right Shoulder Formation:
The right shoulder mirrors the left shoulder, and the neckline connects the lows of these two shoulders and the head.
Neckline as a Key Level:
Traders and analysts are closely monitoring the neckline as a crucial level. A decisive break below this support line could validate the Head and Shoulders pattern and indicate a potential reversal in the stock's direction.
Conclusion:
The identification of a Head and Shoulders pattern on ICICI Bank's 30-minute charts suggests that the stock may be on the verge of a trend reversal. However, it's important for traders to exercise caution and await confirmation through a clear breach of the neckline. Technical analysis is a valuable tool, but it should be used in conjunction with other indicators and thorough research to make informed trading decisions. As always, market participants are encouraged to stay updated on relevant news and market developments that may impact the stock's performance.