ICICIGI: Pole and Flag pattern
The stock had a spectacular November month as it rallied from the levels of Rs 1,220 to Rs 1,530. However, after such a strong up move, the oscillators went into a deep overbought territory.
Hence, December month has been more of a consolidation phase. We are now witnessing a ‘Pole and Flag’ formation on the daily chart, indicating the continuation of the bullish pattern.
The momentum oscillator i.e. RSI smoothened. After a recent price correction, the stock is out of the overbought territory, indicating a strong potential up move in the near term.
In addition, we are witnessing a fresh bullish crossover between 50-DMA and 89-DMA, suggesting a strong momentum up move in the near term.
Looking at all the above scenario, the analyst recommends a buy into this counter at current levels for a target of Rs 1,546 over the next 14 sessions. A stop loss can be kept at Rs 1,448.
Hence, December month has been more of a consolidation phase. We are now witnessing a ‘Pole and Flag’ formation on the daily chart, indicating the continuation of the bullish pattern.
The momentum oscillator i.e. RSI smoothened. After a recent price correction, the stock is out of the overbought territory, indicating a strong potential up move in the near term.
In addition, we are witnessing a fresh bullish crossover between 50-DMA and 89-DMA, suggesting a strong momentum up move in the near term.
Looking at all the above scenario, the analyst recommends a buy into this counter at current levels for a target of Rs 1,546 over the next 14 sessions. A stop loss can be kept at Rs 1,448.
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