ICICI BANK (ICICI) is also poised for an interesting play. First take a peak the weekly chart. We have an H&S shoulder formation with a drooping neckline. ICICI on weekly has also penetrated its multi year trend line drawn from lows of 2002. On the daily chart we have what looks like an inverted cup and handle! Now take a look at the hourly chart below. Along with it on the right is Relative Strength Comparative of ICICI with Nifty. The daily and the hourly charts show positive divergence and hint of a short term pull back. The RS line also indicating a positive bias. On the negative front ICICI is on the verge of breakdown if it fails to sustain 680/700 levels on closing basis.
Sir nice one..very nice one.. My 50 Cents..:-))
ReplyDeleteTarget for head and shoulder is 419!. Lets wait for completion of heads and shoulder pattern. Till them watch the action...