ICICIBANK- CUP formed, handle under formation-20~30% return
ICICI Bank in up trend , downfall from 680 and bounce back from demand zone 530~540 to CMP range 640~665 as presently taking hit in the supply zone of 665~680 and forming double top.
This price action formed a CUP and expecting handle formation from supply zone 665~680 to down fall up to next demand zone 595~605.
Hence entry can be taken in the demand zone 595~605 area with SL-580 for the target 665~680 and once handle breaks further can be added above 680 for the target of 795~805.
So strategy is to capture the move of Rs.200 /share with SL only Rs.10~15, Risk to Reward will be good for this swing trade.
if price does not come up to demand zone and after consolidation in the range of 640~680 , breaks 680, fresh entry to be taken above 680.
This price action formed a CUP and expecting handle formation from supply zone 665~680 to down fall up to next demand zone 595~605.
Hence entry can be taken in the demand zone 595~605 area with SL-580 for the target 665~680 and once handle breaks further can be added above 680 for the target of 795~805.
So strategy is to capture the move of Rs.200 /share with SL only Rs.10~15, Risk to Reward will be good for this swing trade.
if price does not come up to demand zone and after consolidation in the range of 640~680 , breaks 680, fresh entry to be taken above 680.