By Mill Chart
Last update: Nov 24, 2022
A possible breakout setup was detected on ICICI BANK LTD-SPON ADR (NYSE:IBN) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:IBN.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
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.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:IBN currently has a 9 as setup rating:
IBN has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 22.84, 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.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout analyzer lists more breakout setups and is updated daily.