ICBA trade ideas
BREAKOUT, ICICI BANK, 57% RETURNS!!!BUY - ICICI BANK
CMP - Rs. 992
Target - 1: Rs. 1142
Target - 2: Rs. 1293
Target - 3: Rs. 1478
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Link to the previous chart -
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Timeframe - Target -1: 1- 3 months, Target - 2: 3-4 months, Target - 3: 4-6 months
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Technicals - Cup and Handle Pattern Breakout
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This is just a view by an expert analyst, please invest at your own risk.
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ICICI Bank- 3rd attempt to cross 960, will it succeed?960 is upon us again. ICICI Bank has a number of factors lined up this time. However there is one missing piece that i would like to see fall into place to confirm this breakout
Several breakouts in ICICI Bank have failed in the last 12 months. This time maybe different
Other banks like Axis, PNB are moving strongly, so a move in ICICI Bank was expected
The sellers at 960 may have been cleared last time when we came up in June. Then the stock was overbought - this time it isnt
Results on the 22nd of July - this maybe a classic earnings run by people who know
Overhead supply this time is far less - and hence pull to 970 is likely. Dont buy the break, but wait for the retest of the high to buy it in the safest possible way
Additionally call premiums are very low - they are discounting results. So basically get a free hit on the results:)
Get Ready for the sharp correction in ICICI BankI have posted the Video recording in my youtube channel 8wavestosuccess. please check the details there, also like and subscribe to it to get the latest update on the stocks. if you would like me to do analysis of any other stock of your choice you can put that in comment section.
$ICICIBANK - Weekly Chart AnalysisAn ATH(all time high) Weekly Close. Respecting the up-trend line. Taking support of key moving averages on every correction. Decent consolidation before breaking out. Now it shall sustain at these levels. As per the trend based Fib extension possible target levels comes to 1400-1600 levels.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter please due your own due diligence and trade on your own risks.
ICICI Bank set to Dethrone HDFC Bank!Attached: ICICIBANK/ HDFCBANK Weekly Chart as of 5th May 2023
The above Ratio Chart is Significantly Bullish and suggests that in the coming Weeks/ Months you will see Money flow from HDFC Bank to ICICI Bank (which means ICICI Bank will relatively Outperform HDFC Bank and you are better off going own ICICI Bank instead of HDFC Bank)
Bullish Evidence as follows:
- Massive Inverted Head & Shoulder Bottom Pattern has formed implying Upside for the Chart
- RSI in a Bullish regime since October 2017
- The RSI Bullish Divergence that started in October 2017 also marked a Trend Reversal point for the Chart, prior to which the Trend was Down
- Higher Highs and Higher Lows clearly point to an Up Trend in this Ratio Chart
- Fundamental Analysis of ICICI Bank too is confirming with this Chart
As an Investor,
you are better off Owning ICICI Bank and Dumping HDFC Bank
And as a Trader,
Long ICICI Bank NSE:ICICIBANK and Short HDFC Bank NSE:HDFCBANK makes for a Highly Profitable Pair Trade