Good technical signals and a possible breakout for ICICI BANK LTD-SPON ADR.

ICICI BANK LTD-SPON ADR (IBN)       23.07   -0.65 (-2.74%)


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Good technical signals and a possible breakout for ICICI BANK LTD-SPON ADR.8 days ago - Chartmill

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.

IBN Daily chart on 2022-11-23

Technical analysis of 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.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, IBN did better than 91% of all other stocks. We also observe that the gains produced by IBN over the past year are nicely spread over this period.
  • IBN is part of the Banks industry. There are 317 other stocks in this industry. IBN outperforms 85% of them.
  • IBN is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • In the last month IBN has a been trading in the 21.88 - 23.36 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Why is NYSE:IBN a setup?

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.

Trading breakout setups.

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.

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