ICICI Bank: sell the breakout

Company profile: ICICI Bank Limited operates a network of bank’s located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

A lower peak has formed at 1145 and pressure on the support zone ~1050 is substantial. Here the MA200 and double trend lines fall together with the recent lows. Closing below this area triggers a correctional phase back to minimally 952.85 and probably the 830.75 area. Here a powerful Fibonacci extension cluster coincides on multiple time frames. Sell the breakout with initial stops above 1150.

• Primary trend: positive
• Outlook: correction within uptrend
• Support: 1058 / 1044 / 1015-
• Resistance: 1278

Weekly chart  ICICI Bank (NSE)