ICICI Lombard General Insurance Company Ltd – ICICIGI.IN
The most recent price action in ICICIGI shows that it is likely to exceed its multipoint resistance zone that exists between the 1540-1560 levels. The shares have experienced far-reaching consolidation; has seen the formation of higher funds after supporting its 200-DMA, which stands at 1413.
The daily MACD is bullish and stays above the signal line. The RSI has set a new high of 14 periods, which is bullish. RSI, however, is neutral and shows no divergence with respect to price.
The shares were rolled within the main quadrant of the RRG when marked with the broader NIFTY500 index. It is likely to relatively surpass the wider markets.
The RS line against the NIFTY500 index rises and crosses above the 50-DMA. The OBV – On Balance Volume has formed a new maximum that acts as confirmation to the front volume.
If the current technical structure resolves in the intended direction, the stock may test 1620 levels. This view will be denied if the price closes below the 1520 levels.
Milan Vaishnav, CMT, MSTA
Consulting technical analyst
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