icici bank -suspicion of distribution
the buying climax that had been reached post may in this scrip, has led the price action to track sideways
now the question is what was that phase b?
there were numerous high volume secondary tests which led the price pressurized by a supply line [blue]
now the tax cut news generated an automatic reaction within this trading range, which is difficult to handle at present , since it might be an ideal opportunity by the operators to distribute further or it might have been a true change of character, but this change is largely masked by the reactionary nature of the rally..
the next few weeks will unfold the trading range more
if the rally retraces to any levels max 410 odd level and tests support to continue a trend, this might throw some positive light to the price action
as of now, i do not see any positive out of this phase b of the trading range, i would have welcomed gradually decreasing volumes on the secondary tests but which was completely the otherway round, depicting somewhat, an hurried intention of the operators to distribute the stock as much possible..
to be continued..
my intention would be to stay away from the price action and monitor how the next chase unfolds..
as of now, we completed phase c of the trading range.
phase d will be very crucial decider for the future of the price action
it is better to be bearish unless proven otherwise.
disclaimer.... not an investing/trading recommendation
now the question is what was that phase b?
there were numerous high volume secondary tests which led the price pressurized by a supply line [blue]
now the tax cut news generated an automatic reaction within this trading range, which is difficult to handle at present , since it might be an ideal opportunity by the operators to distribute further or it might have been a true change of character, but this change is largely masked by the reactionary nature of the rally..
the next few weeks will unfold the trading range more
if the rally retraces to any levels max 410 odd level and tests support to continue a trend, this might throw some positive light to the price action
as of now, i do not see any positive out of this phase b of the trading range, i would have welcomed gradually decreasing volumes on the secondary tests but which was completely the otherway round, depicting somewhat, an hurried intention of the operators to distribute the stock as much possible..
to be continued..
my intention would be to stay away from the price action and monitor how the next chase unfolds..
as of now, we completed phase c of the trading range.
phase d will be very crucial decider for the future of the price action
it is better to be bearish unless proven otherwise.
disclaimer.... not an investing/trading recommendation
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