Sometimes, a straightforward price pattern, when combined with price indicators and advanced technical tools like Elliott Wave, can yield remarkable results! See yourself how we identified such a massive move in ICICI Bank. Check out how we accurately predicted on the possible up move on ICICI Bank which has rallied more than 7% and achieved our target in just 3 trading sessions.
We published about ICICI Bank in " Vayu Short Term Update" on 20th September 2024 which our subscribers receive pre-market. Check out below the detailed research report that we published.
ICICI Bank Daily chart anticipated on 20th September 2024
ICICI Bank Hourly chart anticipated on 20th September 2024
Wave analysis:
On the daily chart, ICICI Bank gained more than 8% since 9th September reflecting accelerated buying pressure in the underlying. Prices have not given a close below their previous day’s low since 9th September suggesting that bulls are in charge of the trend. Currently, prices continued to close above the upper Bollinger Bands® suggesting continuation of the trend. Also, RSI is trading above 70 indicating high momentum in the underlying.
On the hourly chart, prices are currently trading at the Ichimoku cloud’s convergence line, which has previously efficiently acted as a support from which prices have reversed on the upside. Also, current rise is in form of wave e of a diametric pattern. In nutshell, trend for ICICI Bank remains positive.
Key Resistance – 1320
Key Support – 1283
Trade setup for intraday futures – long positions can be created above 1300 with the targets of 1305 followed by 1310 and stoploss of 1293.
Trade setup for positional futures – long positions can be created above 1300 levels with the targets of 1325 levels and stoploss of 1282(One can book part profit near 1310-1315 levels and trail stoploss to cost)
Trade setup for options – ICICIBANK 1270CE BUY ABOVE 33 SL 26 TGT 40 TGT2 50.
ICICI Bank Daily chart happened as on 25th September 2024
Happened:
The stock has moved as we anticipated. Prices showed a rise of more than 7% and achieved targets of 1320(spot). We successfully captured an up move and target was achieved in future and options segment as well!
This demonstrates that application of a combination of learnings including price action, price indicators, and Elliott Waves can help achieve targets more confidently and consistently!
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