ICIBL - Bull Flag Breakout @ 6.70, TG 14 - 18ICIBL — Trade Setup
ICIBL recently found support near Rs. 6.00, which acted as a base after a steep correction. The stock has formed a falling wedge pattern, typically a bullish reversal signal. A breakout attempt is underway, with Fibonacci retracements highlighting key resistance levels ahead.
Trade Idea
Entry Zone: Rs. 6.2 – 6.8 (post wedge breakout confirmation)
First Hurdle: Rs. 7.2 (short-term resistance, ~+8%)
Mid Resistances: Rs. 9.0 – 10.0 (Fib levels: 38%–50%)
Major Resistance: Rs. 13.9 (prior high)
Upside Potential: If momentum sustains, the move could extend towards Fib extensions Rs. 16–18+ in medium term.
Risk Management
Stop Loss: Below Rs. 6.0 (base level)
Downside Risk: A breakdown under Rs. 6.0 opens room to revisit Rs. 5.0 and possibly Rs. 4.0.
Risk/Reward: Favorable as long as the base holds, but volatility is high.
This analysis is for educational purposes only and does not constitute financial advice or a buy/sell recommendation. Chart setups highlight probabilities, not certainties. Always do your own research (DYOR) before making investment decisions.
