From the highs of 283.75 - ICICI Bank is travelling into impulse wave & currently tracing out its-((iv)) th wave. Going below 249 which is small rising trendline likely can go to the similar lows or slightly surpass 243 lows once it holds that zone there is a buying opportunity as well in the zones 243-245 for target zone 255-257- for which I need to come back...
It is been observed that the price action breaks out from a downward trending channel on hourly chart, indicating a bullish signal and dominance of buyers on movement of price action. It is also important to notice and acknowledge that the price action forms a V-Shape after a breakout. This V-shape formation also refer to the correction to previous resistance...
PRICE REACHED AT IT'S PREVIOUS TREND LINE SUPPORT SO THERE IS GOOD CHANCE TO PRICE REVERSAL FROM THERE...ENTRY STOP LOSS AND TARGET GIVEN ON CHART.
REGARDS
KING999
Bullish BAT setup on ICICIBANK. It has traveled to 260 and retraced back to 251. Those who have missed the upside this can be the good entry point for the Long position.
As observed on daily chart, there were two harmonic patterns identified on daily chart mentioned below
First: Bearish Bat Pattern - Completed - marked in yellow
Second: Bullish Gartley Pattern - in progress to complete D leg - marked in Green
Target: 255
Stoploss: 267
Prices are moving in choppy & a sloppy manner since lows@180. 75 & one should really take care that -if ICICI Bank starts leaking below channel going below 235 -Possibly it will fall on its face & can look for previous swing low which was at 150.
Regards,
Abhishek H. Singh, CMT
The price action is been trading in a upward trending channel where the price action is respecting upper trendlines as resistance and lower trendline as support.
Today, the price action indicates weakness at upper trendline or resistance level where profit booking can take place. I believe the price action shall retrace to fibonacci levels of .50 or 0.618 where...
I have observed that the price action of ICICI on monthly chart is trending up and building a clear leading diagonal. It is been moving in 5-3-5-3-5 waves pattern that is narrowing gradually with the price action. At present, It is been observed that the leading diagonal has completed its Wave 1, Wave 2, Wave 3, Wave 4 and now it is preceding towards the...
