ICICIGI - Weekly Chart Analysis, CMP-1684
Stock is sustaining above the resistance zone(1567-1626) for 7 weeks now in 8% range. It has also closed first time above 1675 on weekly basis which it had tried to test twice, few weeks ago but failed. So this is a good sign showing strength. Volumes are decent for the past few weeks. Currently its making inside bars between a range (1611-1699) So we need a confirmation from it with a weekly close above these level with decent volumes.
Previous resistance (1567-1626)shall now act as a support. Ideally 1520 is the key level below which it will be weak. so a weekly close along with a follow through below this level would negate our study.
On the upper side first level that can be tested after closing and sustaining above 1699 would be 2085. This shall be get tested over the long term. Still an RR of more than 1:2.
It is well trading above all its key moving averages.
Once it test these levels we can study the price action further and further analyse our study thereafter. Until then let it test the 2085 levels.
Disclaimer: This is just a study and shared for learning purpose. I am not a SEBI registered analyst so before trading or investing in this counter based on the shared study please take the advice from a SEBI registered advisor. I am not responsible for any loss incurred to you if you intend to trade or invest in this stock.
Previous resistance (1567-1626)shall now act as a support. Ideally 1520 is the key level below which it will be weak. so a weekly close along with a follow through below this level would negate our study.
On the upper side first level that can be tested after closing and sustaining above 1699 would be 2085. This shall be get tested over the long term. Still an RR of more than 1:2.
It is well trading above all its key moving averages.
Once it test these levels we can study the price action further and further analyse our study thereafter. Until then let it test the 2085 levels.
Disclaimer: This is just a study and shared for learning purpose. I am not a SEBI registered analyst so before trading or investing in this counter based on the shared study please take the advice from a SEBI registered advisor. I am not responsible for any loss incurred to you if you intend to trade or invest in this stock.
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