ICICI Bank Share prices are undergoing major structural changes. From Feb to April, Market was in downtrend. In Mid-April, prices broke the key support zone at 275, but later bounced back with strong momentum. This movement acted as a precursor of changing market sentiment. I have already pointed out these developments in earlier article. Here’s the recent update of Price action analysis in ICICI Bank 4h Chart.
ICICI Bank Short Term Price action Analysis on 4h Chart
After breaking 275 (which was a potential support zone of higher time frame) Shares prices regained bullish momentum and experienced a strong rally from the low of 260. This sudden spike caught many traders off-handed and forced them to liquidate previous positions. The movement is nothing but a result of short sellers squaring off their open positions and Major Value investors accumulating the stock at better price.
Then later, Price action unfolded into a minor consolidation after the rally. In a narrow range Share prices are struck within 275 – 296. It technically denotes that trading volume is decreasing along with Market Participation rate as both buying and selling pressure has reached a temporary equilibrium. The structure looks like a directional Range in lower time frame such as 1hr and 30 Min. Traders should observe the Price action within this Minor consolidation phase. We can expect a Major market movement on either side, depending on the Breakout from this consolidation phase.
