ICICI Bank Limited (NYSE:IBN): Detailed technical analysis and trading indicators

ICICI Bank Limited (NYSE:IBN) gained 0.36% in yesterday’s session, going up from its prior closing price of $8.26 to $8.29. The price has fallen in 5 of the last 10 days and is down by -2.59% over the same course of time. Trading activity decreased by -3.91 million shares, and in total, 4.34 M shares exchanged hands for about $35.95 million. It should be noted that increasing price and decreasing volume show lack of interest and this is a warning that something has fundamentally changed.

Inside IBN’s Recent Trend

ICICI Bank Limited (IBN) lies in the lower of a wide and falling trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $8.13 will initially point to a quick declining speed. Short-term traders are anticipated to see a retreat of -9.74% over the course of a quarter and, with 90% chance the price will be floating in the range of $7.34 and $8.07 in this timeframe.

ICICI Bank Limited Technical Signals

IBN has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $8.38 and $8.89. A buy signal will be generated if it crosses above any of these levels.

ICICI Bank Limited (NYSE:IBN) Support And Resistance Levels

ICICI Bank Limited (IBN) recorded volume accumulation so there will probably be a surplus of buyers at $8.26. In case of gains, the next resistance from accumulated volume will be at $9.12, $9.27 and $9.48.

ICICI Bank Limited (IBN) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.06 (0.73%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 1.13%.

ICICI Bank Limited is in oversold territory based on Relative Strength Index reading (26). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.

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