ICICI Bank is under strong bearish pressure.
🔴 ICICI Bank is under strong bearish pressure.
ICICI Bank is one of India’s top banks, based in Mumbai. They’ve got a massive network with over 6,600 branches and 16,000 ATMs across India. They’re known for their innovative banking solutions and have a strong presence in 11 countries.
They’re considered a Domestic Systemically Important Bank by the Reserve Bank of India, which means they’re pretty crucial to the Indian banking sector.
✅ What pattern is unfolding in
IBN?
IBN created a triangle Chart Pattern that is usually considered a continuation of the trend, but in this case, there was a bullish breakout that quickly lost its effect. This is one of the most important bearish signals, especially if the pattern ends up breaking on the other side.
💰 How to trade this chart pattern?
The ideal strategy is to sell once the blue trendline, which acts as price support, is broken. In this case, there was an initial rebound on December 20th that confirmed it, and then it broke, starting its downward movement. We could see a 7% drop in the coming days.
🛡️ The risk management strategy
As we have done in so many previous ideas, remember you can split the position in 2.
- 50% of the position in a take profits, at least, as large as your stop loss (adapt SL and this 1st TP to local supports/resistance levels). In this case, a 2% TP for 2% SL.
- 50% of the position to a price as large as the previous pattern, which would mean a profit of 7%.
✴️ ENJOY AND FOLLOW for more 😊
You can find statistics for all patterns on our website, as well as the most interesting patterns currently unfolding.
ICICI Bank is one of India’s top banks, based in Mumbai. They’ve got a massive network with over 6,600 branches and 16,000 ATMs across India. They’re known for their innovative banking solutions and have a strong presence in 11 countries.
They’re considered a Domestic Systemically Important Bank by the Reserve Bank of India, which means they’re pretty crucial to the Indian banking sector.
✅ What pattern is unfolding in
IBN?IBN created a triangle Chart Pattern that is usually considered a continuation of the trend, but in this case, there was a bullish breakout that quickly lost its effect. This is one of the most important bearish signals, especially if the pattern ends up breaking on the other side.
💰 How to trade this chart pattern?
The ideal strategy is to sell once the blue trendline, which acts as price support, is broken. In this case, there was an initial rebound on December 20th that confirmed it, and then it broke, starting its downward movement. We could see a 7% drop in the coming days.
🛡️ The risk management strategy
As we have done in so many previous ideas, remember you can split the position in 2.
- 50% of the position in a take profits, at least, as large as your stop loss (adapt SL and this 1st TP to local supports/resistance levels). In this case, a 2% TP for 2% SL.
- 50% of the position to a price as large as the previous pattern, which would mean a profit of 7%.
✴️ ENJOY AND FOLLOW for more 😊
You can find statistics for all patterns on our website, as well as the most interesting patterns currently unfolding.
כתב ויתור
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