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ICICI Bank Break of Symetrical Triangle

1 February 2010 751 views No Comment

The candlestick on the daily charts indicates an‘Engulfing Bull’ characterized by a large white real body engulfing a preceding small real body, appears
during a downtrend which is an important bottom reversal signal and a implies a comeback by bull. It signifies that the downtrend is now losing momentum and the bulls started to take the lead.
Resistance for the scrip is at 887-908-978 and support is at 778-757-721.

Important Note:As per DOW THEORY, breaching of a trend
line would be invalid when its crosses back above trend line within 3 trading days.

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