ICICI BANK LTD-SPON ADR is setting up nicely for a breakout.

ICICI BANK LTD-SPON ADR (IBN)       23.185   -0.54 (-2.26%)


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ICICI BANK LTD-SPON ADR is setting up nicely for a breakout.6 days ago - Chartmill

Our stock screener has spotted ICICI BANK LTD-SPON ADR (NYSE:IBN) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:IBN.

IBN Daily chart on 2022-11-25

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.

Overall IBN gets a technical rating of 9 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, IBN is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • 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. 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 318 other stocks in this industry. IBN outperforms 87% 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 near the high of this range.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:IBN scores a 9 out of 10:

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. 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.

Trading setups like NYSE:IBN

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.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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