ICICI Bank Elliott Wave Analysis

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 ICICI Bank daily chart


ICICI Bank hourly chart

In the above daily chart, the banking stock is moving in a sideways trend with the extremes placed at 330 on the lower side and 400 on the higher side. The stock made an attempt to move above it and marked a high of 425, but it was short lived and thus it re-entered the range making it possible to test the lower extreme. RSI is below the center line which is a negative sign.

In the hourly chart, prices are showing signs of resilience by exhibiting positive divergence in RSI. Prices have retraced more than 65 points from the top and so the possibility of a bounce back cannot be ruled out. RSI has relieved from the oversold zone and can move up from here.

As per Wave theory, wave a of one higher degree is completed which opens wave b of same degree up. In which wave a is ongoing within wave a and wave b is over and so wave c is pending on the upside.

The summation is ICICI Bank is set to surge till 378-380 levels where cluster of resistances is placed with support placed at 364.8.


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Comments

Phani Kumar said…
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13 October 2020 at 16:23
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