ICICIGI is trading in a bearish channel close to make or break level. The stock is just around its 100 day EMA and this might be a level which it may bounce back from.
On closing basis it has ended below 100 day EMA so if a bearish candle is given as confirmation in next trading session we may expect a further downside with sectoral consolidation going on in insurance companies.
If a bullish candle is formed it will take the stock close to levels breaking out of the bearish channel. We will then wait for retest and confirm the break out in favor of bulls if it gets a closing above channel.
Keep this in your watch-list.
Do let me know if any suggestions/input regarding these observations.
On closing basis it has ended below 100 day EMA so if a bearish candle is given as confirmation in next trading session we may expect a further downside with sectoral consolidation going on in insurance companies.
If a bullish candle is formed it will take the stock close to levels breaking out of the bearish channel. We will then wait for retest and confirm the break out in favor of bulls if it gets a closing above channel.
Keep this in your watch-list.
Do let me know if any suggestions/input regarding these observations.