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

ICICI BANK LTD-SPON ADR (IBN)       23.21   -0.51 (-2.15%)

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Good technical signals and a possible breakout for ICICI BANK LTD-SPON ADR.7 days ago - Chartmill

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.

IBN Daily chart on 2022-11-24

What is the technical picture of NYSE:IBN telling us.

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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that IBN is one of the better performing stocks in the market, outperforming 92% of all stocks. On top of that, IBN also shows a nice and consistent pattern of rising prices.
  • IBN is one of the better performing stocks in the Banks industry, it outperforms 87% of 319 stocks in the same industry.
  • 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 near the high of this range.

How do we evaluate the setup for NYSE:IBN?

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.

How to trade NYSE:IBN?

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.


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