ICICI PRUDENTIAL looks to be forming ABCD pattern. In addition on Thursday it takes support on 200 period moving average. The 200-day simple moving average (SMA) is considered a key indicator by traders and market analysts for determining long-term market trends.
Bearish ABCD Pattern Rules
1. Point D must be higher than point B.
2. In the move from C up to D there can be no lows below point C, and no highs above point D.
3. Determine where D may complete (price)
4. Determine when point D may complete (time) for additional confirmation.
5. CD may equal AB in time.
If ICICI Prudential sustains above 445.30 it will give a good up move and we can see levels of 470/490 and if it give a breakdown from 445.30 and sustains below 445.30 it will give a down movement till 407/360.
By : ROOPALI VAISH
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