Chart Update : ICICI Bank

ICICI Chart:

Weekly Chart:

Daily Chart:

On the weekly chart counter has given breakdown to the long term trend line and currently it is trading in a well formed down trending channel. Weekly and monthly time frame is still suggesting the downtrend. Share today closed just above 5 day high ema standing at 1066.  Counter is facing resistance at long term trend line (RED Color) and Upper trend line of price channel (BLUE). 

On the down side 

• 34 Hour EMA is at 1054
• 21 Hour EMA is at 1057
• 5  Day low EMA 1043
• 5  Month low ema is at 1043 

So it can be concluded that 1054-57 is support zone below which bulls need to defend 1043 to maintain this little bullishness. Below 1043 conservative shorts can be considered. On the other hand break of 1085 will suggest price moving back into the red price channel and conservative longs can be considered above it with strict stop loss. 

So, plan your trade accordingly.

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.