Time frame - 1 D
Chart pattern - Diamond formation.
1. Diamond formation is at bottom of downtrend, signaling trend reversal.
2. Chart has already taken support multiple times around 486 levels.
3. Support is at important fibo level of 0.786 adding more conviction.
4. Now, if breakout is supported with volume the can give target of 615.
5. Risk : Reward ratio-...
The stock is continuously riding the uptrend in a parallel channel in daily as well as weekly time frame.
Currently the price has touched its multiple time resistance. And now it's into watchlist whether it will form a consolidation phase and then breakout or directly breakout.
Entry - Above 975+ with above average volume.
Target are explained in the chart...
The stock is currently moving in a parallel channel forming a bit of rising wedge on a weekly chart.
The current price trend has been nicely supported by volume trend as well,
The stock has breached the multiple time resistance of 148.30 with higher than average volume indicating a positive signal. And now is moving towards its short term targets of TG1 - 159.35...
ICICI lombard general insurance has formed a flag pattern.
Key points :
1. Stock has retested long time multiple resistance of 1397 and has started to give upmove.
2. About to give a breakout for the bullish flag pattern.
Caution :
Entry to be taken alongwith volume confirmation.
Note : This is an analysis done based on personal knowledge for knowledge sharing....
