Time to hunt down the ICICIBANK bears!!
Updated
The stock broke out above an active supply/demand zone of INR 900-920 in April 2023.This particular zone has been an active supply/demand zone for the stock since Sep.2022.
2 attempts by the stock to go past INR 1000 mark were reversed by the sellers in July and Sep. this year.
Now for the past 3-weeks the stock has been making an accumulating range right at the zone of 900-920 and now has picked up some pace.(REMEMBER-ACCUMULATION RANGE AT SUPPORT AND DISTRIBUTION RANGE AT RESISTANCE OFTEN LEAD TO POWERFUL UP/DOWN MOVES RESPECTIVELY).
INR 950 is the minor resistance zone and the stock should not have much trouble taking it down first, before heading forward to face the bigger resistance of INR 1000(which too shall be hopefully taken down this time around).
TIME'S UP FOR THE BEARS!!
NOTE*- This post is for educational purpose. Please analyze/research thoroughly about any instrument in which you want to trade/invest.
2 attempts by the stock to go past INR 1000 mark were reversed by the sellers in July and Sep. this year.
Now for the past 3-weeks the stock has been making an accumulating range right at the zone of 900-920 and now has picked up some pace.(REMEMBER-ACCUMULATION RANGE AT SUPPORT AND DISTRIBUTION RANGE AT RESISTANCE OFTEN LEAD TO POWERFUL UP/DOWN MOVES RESPECTIVELY).
INR 950 is the minor resistance zone and the stock should not have much trouble taking it down first, before heading forward to face the bigger resistance of INR 1000(which too shall be hopefully taken down this time around).
TIME'S UP FOR THE BEARS!!
NOTE*- This post is for educational purpose. Please analyze/research thoroughly about any instrument in which you want to trade/invest.
Note
1000 taken outTrade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.