Posting after a hiatus of more than a year. Delving straight into the post. ICICI Bank is appearing to be completing an Inverted Head & Shoulders pattern. Read more about the pattern here.
Theoritical targets for ICICI BANK based on the pattern would be Breakout Level + Height of the Head = 1240 + 460 = 1700.
It may seem too late in the day for this bullish pattern view & there might be a touch of skepticism whether the stock can go to such high levels.
The pattern would get activated only on close above 1240. 1240 is a significant level as there are close to 3 tops around that level if you observe closely in the chart.
No comments:
Post a Comment