ICICI retesting long term support trend line

ICICI Bank has been in the up trend since 2016 and forming higher high and higher low structure and surge more than 100%In late 2016 this chart formed a ascending triangle and breakout in 2017 confirmed the trend continuation.This week stock is trying to hold its support level of 260. Since its uptrend it managed to hold its 200 DMA,This week once again it is trying to hold its 200 DMA. In yesterday's session a hammer candlestick pattern appears while in the oversold territory and in today's session it is confirming the hammer pattern by moving above the high of the hammer. On the weekly chart 50 DMA is working as support for the stock Macd is also trying to move above the signal line. All this indicator suggesting that this sock may continue its uptrend and may surge up to 15% For the bottom lne 260 would be the major support level for the stock if it breaks this level we will see further downside. SO 260 would be the best level for the stock to place STOP LOSS.

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