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Buy @ CMP 1194 , Target 1500-1850, Stop Loss 1025.

Analysis: ICICI Bank has given positive breakout from ascending triangle pattern with new high of 1230 on weekly basis charts. In short period prices are making ascending channel in range of previous low 750 to upside high level 1200. This ascending channel is showing new upside target of 1500 but we see prices have entered in new positive zone after monthly triangle break out, Prices was forming a inverted Head & Shoulder pattern and at past week prices has give positive breakout with completing  Head & shoulder pattern till neckline at 1200 level.

In the medium to long term we expect prices to move higher in the form of wave (5) & eventually move above the previous high of 1465 & test 1520 followed by 1850 as per wave extension & projection.

    We are very bullish on ICICI Bank for long term trade, prices will show new higher range above 1500 level to 1850 levels. We advices to accumulate ICICI Bank at current market price 1194 with target of 1500 -1850 and 1025 will stop for this trade.

ADX : The ADX Indicators is in Bull Trend, The +DI is rising very positively with support of ADX in power trend .


ICICI Bank (Weekly Charts)

ICICI Bank ( Daily Chart)

Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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