Bank nifty is near lower level of bollinger band plus it has support of trend line 21250. Very bearish under 21200. For now, there are no lower gaps to close, so I have bullish view if it does not crosses 21250 level.
See how most of the gaps are closed within upcoming days, also some gaps are partly closed which means there was an attempt to close the gap. Now lets see if it closed 10950 level gap or it will go near 11500 level gap. Also it is constantly taking support at mid level of bollinger band.
After a steep fall due to covid-19, ICICI bank is 2nd most tracked stock in the world right now. Of course the fundamentals ae great, so why ICICI is not able to break its 1/3rd retracement level. ICICI is given buy rating by most of the broker, why? The stock is stuck in an accumulation rectangle pattern, which is a bullish pattern after the decline. If it...
It has been in a downtrend from 2 years, so we can see V shaped recovery.
WHY IT SEEMS BULLISH -
1. A small flag formation an be formed in daily charts, it has crossed an important level of 205 and now the stock will find resistance at either the trendline or another important level of 230. For now the stock can see some accumulation/retracement moves.
2. Also the...