This is daily chart of ICICIBANK on NSE (INDIA) with CMP @ 353.10. It looks a good scrip for long trade based on following observations:
1. Price is continuously rising after taking support at around 257 which is marked as MAJOR SUPPORT as price has taken multiple supports near this price.
2. Counter trendline has been drawn on the chart which was decisively broken on 26th Oct 2018 with substantial rise in volume.
3. Price has taken multiple support at key retracement level of 50% as shown on the chart and then rising and ultimately broke out decisively as mentioned in preceding point no.2 above.
4. A trendline has been drawn on the chart indicating supports using arrows which can be used to trail stops and ride the trend.
5. RSI is at 63 which indicates good momentum.
Hence, it looks a good long trade with initial stop @ 319 with target of 452 as shown/marked on the chart.
Happy trading...
1. Price is continuously rising after taking support at around 257 which is marked as MAJOR SUPPORT as price has taken multiple supports near this price.
2. Counter trendline has been drawn on the chart which was decisively broken on 26th Oct 2018 with substantial rise in volume.
3. Price has taken multiple support at key retracement level of 50% as shown on the chart and then rising and ultimately broke out decisively as mentioned in preceding point no.2 above.
4. A trendline has been drawn on the chart indicating supports using arrows which can be used to trail stops and ride the trend.
5. RSI is at 63 which indicates good momentum.
Hence, it looks a good long trade with initial stop @ 319 with target of 452 as shown/marked on the chart.
Happy trading...