ICICI Prudential Mutual Fund Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of ICICI Prudential Mutual Fund stock downgraded after the last trading session.
(Updated on May 27, 2024)
The ICICI Prudential Mutual Fund stock price fell by -0.117% on the last day (Monday, 27th May 2024) from ₹111.07 to ₹110.94. During the last trading day the stock fluctuated 1.83% from a day low at ₹110.20 to a day high of ₹112.22. The price has risen in 8 of the last 10 days and is up by 7.04% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -54 thousand shares and in total, 34 thousand shares were bought and sold for approximately ₹3.74 million.
The stock lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹111.23 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 8.43% during the next 3 months and, with a 90% probability hold a price between ₹110.71 and ₹120.60 at the end of this 3-month period.
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ICICIB22.BO Signals & Forecast
The ICICI Prudential Mutual Fund stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹109.26 and ₹105.52. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -0.117%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for ICICI Prudential Mutual Fund stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹102.68 and ₹100.47. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ICICI Prudential Mutual Fund finds support just below today's level at ₹102.68. If this is broken, then the next support from accumulated volume will be at ₹100.47 and ₹97.32.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹2.02 (1.83%) between high and low. For the last week, the stock has had daily average volatility of 1.55%.
Our recommended stop-loss: ₹106.83 (-3.70%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (ICICIB22.BO) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect ICICI Prudential Mutual Fund to open at ₹111.12, and during the day (based on 14 day Average True Range), to move between ₹109.07 and ₹112.81, which gives a possible trading interval of +/-₹1.87 (+/-1.68%) up or down from last closing price. If ICICI Prudential Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹111.07 (0.12%) than the support at ₹102.68 (7.45%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is ICICI Prudential Mutual Fund stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ICICI Prudential Mutual Fund stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.422 Buy Candidate Downgraded
Predicted Opening Price for ICICI Prudential Mutual Fund of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| ₹111.12 ( 0.162%) | ₹110.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICICIB22.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 113.14 | 1.98 % | |
| R2 | 112.37 | 1.29 % | ||
| R1 | 111.89 | 0.86 % | ||
| Current price: | 110.94 | |||
| Support | S1 | 110.35 | -0.533 % | |
| S2 | 109.87 | -0.96 % | ||
| S3 | 109.10 | -1.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 111.07 | 0.117 % | ||
| Current price | 110.94 | |||
| Support | S1 | 102.68 | -7.45% | |
| S2 | 100.47 | -9.44% | ||
| S3 | 97.32 | -12.28% |
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