Here is a technical chart of ICICI Bank, listed on Indian stock exchange, with Ichimoku indicator and its explanation.
On 31-Oct-2011, ICICI Bank price touched the high of Rs.953.65, which was exactly at kumo line. It faced strong resistance there and it started its downward journey from there. Then, on 09-Nov-2011, it CLOSES below kumo and that was the bearish breakout. In the last trading session, it closes at Rs.789.85. Chart shows that it will continue to move downward further. One should exit from this stock, if you’re holding it.
Weak support level: 761.40
Strong support level: 618.20
Subscribe Updates, Its FREE!