icici prudential life: Stock Radar: This insurance stock gave a breakout above falling trendline resistance; time to buy?

A fall of over 20 percent from the recent high effectively puts the stock in a bear grip.

Synopsis

The insurance stock hit a 52-week high of Rs 724 on 8 September 2021 but it failed to hold on to the momentum. The stock closed at Rs 553 on 29 July which translates into a downside of over 23 per cent – ​​effectively placing the stock in a bear grip.

ICICI Prudential Life Insurance Company which is in a bear grip gave a breakout above the falling trendline resistance on daily charts which suggests momentum in the short term. The insurance stock hit a 52-week high of Rs 724 on 8 September 2021 but it failed to hold on to the momentum. The stock closed at Rs 553 on 29 July which translates into a downside of over 23 per cent – ​​effectively placing the stock in a bear grip. A fall of over 20

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