ICICI Lombard GIC Ltd. - Technical Analysis
Price Action:
The stock recently took support near the 0.5 Fibonacci retracement level around ₹1,892, bouncing back with strong momentum. This aligns with a visible bullish RSI divergence as the price formed lower lows while the RSI made higher lows, signaling a potential reversal.
Key Levels (from Fibonacci):
Entry, Stop Loss, and Targets:
Volume and RSI Observations:
Conclusion:
If the stock holds above ₹1,892, the bullish trend might continue toward ₹1,987 and higher targets. Maintain discipline with the stop-loss to manage risk effectively.
The stock recently took support near the 0.5 Fibonacci retracement level around ₹1,892, bouncing back with strong momentum. This aligns with a visible bullish RSI divergence as the price formed lower lows while the RSI made higher lows, signaling a potential reversal.
Key Levels (from Fibonacci):
- Resistance 1: ₹1,987 (61.8% Fibonacci level)
- Resistance 2: ₹2,127 (78.6% Fibonacci level)
- Final Target: ₹2,299 (Fibonacci extension, previous high)
- Support 1: ₹1,892 (0.5 Fibonacci level, current support)
- Support 2: ₹1,796 (38.2% Fibonacci level)
- Support 3: ₹1,677 (23.6% Fibonacci level)
Entry, Stop Loss, and Targets:
- Entry: Around ₹1,940-₹1,950 (post breakout confirmation above ₹1,950).
- Stop Loss: ₹1,875 (below the 0.5 Fibonacci level and near recent support).
- Targets:
- Target 1: ₹1,987 (61.8% Fibonacci level)
- Target 2: ₹2,127 (78.6% Fibonacci level)
- Target 3: ₹2,299 (previous swing high)
Volume and RSI Observations:
- The volume profile shows increased participation near ₹1,900 levels, confirming accumulation.
- RSI is recovering from oversold levels and shows divergence, supporting a potential bullish continuation.
Conclusion:
If the stock holds above ₹1,892, the bullish trend might continue toward ₹1,987 and higher targets. Maintain discipline with the stop-loss to manage risk effectively.
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.
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.