ICICI Bank Short Term View

ICICIBank- ICICIBank is in a good uptrend forming a higher high and higher low structure. In this uptrend, the stock has formed a rising wedge pattern. At the pick of the chart, the momentum in the stock price is getting weak. We are getting the small green candle and big red candle this indicates that the sellers are taking the grip at these levels. Indicators are also showing the weakness in the momentum of price moment. RSI showing negative divergence. MACD also has a negative divergence with bearish crossover. Stochastic also has a negative divergence with bearish crossover. The 33 EMA is giving support to the stock the breakout of this EMA and the wedge pattern will push the stock lower in the near term. All these analyses signify that the stock is getting weaker at the current level and may fall before continuing its primary trend. If the stock open below and close below the trend line then there will be a confirmed breakout of the wedge pattern then we will go short in this counter for the target of 485 with the Stop Loss of the High.