Market Overview

Alert: Mega Bounce On ICICI Bank Limited On Horizon


ICICI Bank Limited (NYSE: IBN) is an Indian bank. The Indian stock market has been crushed and this stock has fallen with it. This is one of the largest banks in India. ICICI Bank has fallen from $48.44 in May to its 52 week low of $24.94 today. The stock opened sharply lower and reversed. This reversal near the $24.50 major double bottom from 2011 shows a possible near term mega bounce in progress.

The bounce on ICICI should take the stock all the way back to $30.00. This opens up a great risk reward trade in the near term. Cheers!

Gareth Soloway

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets Trading Ideas


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