ICICI Bank chart exhibiting two chart patterns, both indicating bearish bias. One is Bear flag pattern which imply bearish continuation and the other is Head & Shoulder pattern which illustrates prior trend reversal. Do notice a rising trendline as it may have some significance.
Bear flag pattern is valid as the price has cracked below 428.75. Considering that...
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icici bank breached trendline and previous support zone
continously stay below
a sign of caution for bulls
can slide to deep red zone
and could lead bank nifty lower
the price possibly can slide to 400/408 zone in coming days
it good only if successfully close and sustain above 432 zone !
1) it has already retraced from its high and near at weekly support. This time it is falling with low volume so highly chance to bounce back so avoid short for now. initiate fresh short if it close below 411-413 region with significant volume.