long trade on Icicipruli

ICICIPRULI: Inverted Head and Shoulders Breakout - Retest Strategy
ICICI Prudential Life Insurance Company (ICICIPRULI) has completed an inverted head and shoulders pattern, signaling a potential bullish reversal.
Key Points:

Pattern: Inverted head and shoulders completed on the long-term chart.
Neckline: Former resistance at 605, now broken.
Left Shoulder: Completed in August 2022.
Head: Lowest point at 395, formed in March 2023.
Right Shoulder: Completed in March 2024.

Entry Strategy:

Wait for a retest of the neckline (previous resistance at 605, now support).
Look for a bounce off this level with confirming price action (e.g., bullish candlestick patterns).
Enter on confirmation of the retest holding as support.

Trade Parameters:

Entry: After confirmation of successful retest.
Target: Calculated by measuring the distance from the head to the neckline (210 points) and projecting upwards from the breakout point. Potential target: 815 (605 + 210).
Stop Loss: Below the retest low or the right shoulder low, whichever is higher.

Risk Management:
Always use proper position sizing and consider the overall market conditions before entering this trade.
Note: This is a technical analysis based on chart patterns. Always conduct your own research and consider fundamental factors before making investment decisions.
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