ICICI Bearish Possiblities

4 авг.

In the ICICI Bank. It displays multiple week candle in the chart.

Simple words :

1. Head & Shoulder pattern.
2. Multiple Rejection Candle.
3. Volume Increased (1220 to 1230).

Entry : Stock should break the neckline and if Candle body close below 1160 price.
Target : 1340
Reacting Points : 1164
Stoploss : Above 1230.

Explanation :

Technical analysis :

Trend is Uptrend. But it is forming Head & Shoulder Pattern. Once it breaks the neckline. It have more possibilities to go opposite direction.

Volume Analysis :

In the volume analysis , Some big institutional players sell or book the profit at the level of 1220 to 1230. That's why volume indicator shoot up and cross the moving averaging level. It means Big transactions happened, that transaction is not BUY. Because buy means Candle body should be strong, but it show INVERTED HAMMER.

Volume profile fixed range :

Red line show High transaction happened at the level.

If market close below 1660 level, then free fall.

So better square off the position or buy put option.

I am not a SEBI Register advisor. I am sharing information for educational purpose.