By Mill Chart
Last update: Nov 23, 2022
ICICI BANK LTD-SPON ADR (NYSE:IBN) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:IBN.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Taking everything into account, IBN scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, IBN has proven to be a steady performer, scoring decent points in every aspect analyzed.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:IBN this score is currently 9:
Besides having an excellent technical rating, IBN also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 22.22, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for IBN in the last couple of days, which is a good sign.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.
Of course, there are many ways to trade or not trade NYSE:IBN and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
More breakout setups can be found in our Breakout analyzer.
ICICI BANK LTD-SPON ADR
NYSE:IBN (4/17/2024, 3:01:12 PM)
After market: 25.63 0 (0%)25.63
+0.14 (+0.55%)
IBN stock results show that ICICI Bank beat analyst estimates for earnings per share the first quarter of 2024.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips ICICI Bank (NYSE:IBN) just reported results for the first quarter of 2024.ICICI...
ICICI Bank just reported results for the second quarter of 2024.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips ICICI Bank (NYSE:IBN) just reported results for the second quarter of 2024.ICIC...
On Tuesday, ICICI Bank stock got a positive adjustment to its Relative Strength (RS) Rating, from 70 to 75.