ICICI Bank moving in a RISING WEDGE
Zaktualizowano
Stock moving in rising wedge.
Recently touched the upper trend line third time.
Candles also showing exhaustion at resistance. check image below.
Check the candles after the recent quarter results were announced, Big high volume green bar. It is followed by big red bars with volumes.
Check number of red bars is more than green bars.
Red candles are of bigger size with volumes.
Combing all observations 3rd touch, Exhaustion, Big red candles. we can conclude that there is clear profit booking.
Even Moving averages are stretched.
In such cases upside is capped and short trades give better RR Ratio.
Breakout trades fail in such cases.
This does not imply downside will just like March 2020.
Plant of Action
One can short with SL at 725
For targets of 635-640 immediate.
And further downside till 550-565 can be expected. ( Purple zone )
Recently touched the upper trend line third time.
Candles also showing exhaustion at resistance. check image below.
Check the candles after the recent quarter results were announced, Big high volume green bar. It is followed by big red bars with volumes.
Check number of red bars is more than green bars.
Red candles are of bigger size with volumes.
Combing all observations 3rd touch, Exhaustion, Big red candles. we can conclude that there is clear profit booking.
Even Moving averages are stretched.
In such cases upside is capped and short trades give better RR Ratio.
Breakout trades fail in such cases.
This does not imply downside will just like March 2020.
Plant of Action
One can short with SL at 725
For targets of 635-640 immediate.
And further downside till 550-565 can be expected. ( Purple zone )
Transakcja zakończona: osiągnięto poziom stop
This went horribly wrong.Still 8% loss only 🙏🏾
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