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Dual Channel Patterns in ICICI Bank is formed on both daily and weekly time frame. Also, it shows that the channel pattern failed the first time and the stock was expected to move downwards or break down. Currently, both channels are merging. It is a bullish signal for the stock. Coincidentally, the same Dual Channel Patterns in ICICI Bank are formed on both the daily and weekly time frames.
On Fibonacci, the ICICI Bank’s normal retracement level is 50%. However, the Fibonacci retracement never tells about the point of reversal or from where the stock will reverse.
The inverted triangle multibagger pattern is a reliable technical analysis in the case of ICICI Bank stock. The volume analysis suggests that the stock is in a strong bullish trend. Any down move is not supported by the volume. The volume and delivery analysis suggest that price is increasing and so as traded value. The delivery quantity and delivery % both are increasing. The traded quantity to no trades ratio suggests that big players are active in this stock and are bullish.
The option chain is bullish and the stock has a strong correlation with the Nifty movement. It is best performing stock in the bank nifty.
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