- This topic has 0 replies, 1 voice, and was last updated 4 years ago by
.
-
Posts
-
-
To watch, click on following link
ICICI Bank Technical Opinion or technical analysis suggests that currently, the stock is in a no trading zone and currently, it is under initial stages of consolidation. When the stock is under later stages of consolidation, you can easily identify the possible stock movement.
In past, i mentioned that the stock has peaked out and that was based on the bearish divergence and double top or M pattern on the daily chart. The stock price was making higher high and the indicator was making lower high.
At a later stage, the stock was showing a failed M or double top pattern and is currently trading in a wedge that indicates that it might give breakout in an upward direction. However, if ICICI Bank respects the triple top pattern then it should break down.
The Fibonacci Retracement suggests that this stock normally respect the 78.6% level. However, may be due to a speculative positions, the stock is showing different behavior this time.
Currently, the stock is trading near its bottom trendline and if breaks this trendline then it can fall down sharply. It is also forming a reverse 3 wave pattern and it indicates a downward movement.
The option chain analysis suggests a bearish outlook. It is trading just above 20-week exponential moving average and it can act as stop loss.
-
- You must be logged in to reply to this topic.