SWING IDEA - ICICI BANK

technicals suggest a gradual upside in ICICI BANK. There are multiple confirmations for the same. The reasons are stated below :

• 954 levels previously acted as a strong resistance and now the stock price broke 954 levels, which now acts as a support.
  
• there has been a consolidation in the stock price for last 2months forming a falling wedge pattern(bullish sign)
  
• support on the 50EMA (ON DAILY TF)
  
• break of the trend line
  

Stock could easily move unto 1050 - 1111 levels in coming weeks.

Comment:

currently, stock is up by 2% from our buying price and formed 2 doji candles which indeed shows that the price is trying to sustain on upper levels

Comment:

ICICI BANK retested the 950 levels which seems to be a
strong support and formed a bullish candle.

ADVICE : can hold with a tight SL of 935

Comment:

SL just got saved.
price returned from 935 twice and
formed a hammer candle twice.

we'll hold onto to the trade with SL of 935(on closing basis)

Comment:

One can still hold onto the stock.
With the same SL.
If we get a strong close below 935, we'll exit.

Comment:

SL HIT !!!

EXIT from this trade.

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