iciciAfter its strong results, the stock could not perform due to weak market conditions in the last
many weeks. It has been in a sideways consolidation
It is now attempting to build another leg up .
Buy abv 422 with stops at 410 for target of 438
IBN trade ideas
ICICI Bank - Look good till 429If the stock flies past 422, it will face a stiff chikou resistance at the kijun 425... beyond that till 429 will face the cloud... Looks good till that from a momentum point of view, may all movements come swift... Long can be only beyond 429 after a re-test at the cloud... The weekly ichimoku doesnot indicate anything otherwise, which is good..
Technical Analysis Class 1 - Rectangle Chart patternDaily Chart Observation
Point no.1-Resistance– Previous swing high resistance. 3 times, price reverse from this area.
Point no.2- Support– Previous swing low support area. 2 times, price bounce back from this area.
Point no.3- Rectangle Chart Pattern.– Price is trading in the range formed the rectangle pattern.
Conclusion
From the above chart, it is clearly seen that the price is trading in the range. Now look at the current candle is at one end of the trading range that is in the support area. So there is a possibility price bounce back from this support area.
