NYSE:IBN may be ready to breakout.

ICICI BANK LTD-SPON ADR (IBN)       20.11   -0.75 (-3.6%)

After market: 20.2 +0.09 (+0.45%)


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NYSE:IBN may be ready to breakout.2 months 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 2022-11-28

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

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.

We assign a technical rating of 9 out of 10 to IBN. 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 92% 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 one of the better performing stocks in the Banks industry, it outperforms 86% of 322 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.
  • Prices have been consolidating recently, this may present a good entry opportunity.

Looking at the Setup

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:

Besides having an excellent technical rating, IBN also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 23.0, 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.

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.

More breakout setups can be found in our Breakout analyzer.

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