ICICI Bank Shares Surge 3.04% As Technicals Signal Bullish Breakout

ICICI Bank Technical Analysis
ICICI Bank shares advanced 3.04% to close at 34.22 in the most recent session, with prices ranging between 33.93 and 34.565 on above-average volume. This follows a period of consolidation around the 33.20-33.50 level, suggesting potential bullish momentum.
Candlestick Theory
Recent price action shows a bullish reversal pattern emerging. The 2025-07-21 session formed a decisive white candle with minimal upper shadow after three small-bodied candles near 33.20, indicating absorption of selling pressure. Key resistance is established at 34.57 (intraday high) and major support at 33.00, which has contained declines multiple times in July. The breach of the immediate 33.80 resistance on high volume validates upside potential.
Moving Average Theory
The current price trades above all major moving averages, signaling a robust uptrend. The 50-day SMA (33.65) crossed above the 100-day SMA (33.20) in early July, triggering a golden cross. Crucially, the price remains above the rising 200-day SMA (31.80), confirming the long-term bull trend. Short-term averages now slope upward, with the 50-day providing dynamic support.
MACD & KDJ Indicators
MACD (0.35) shows strengthening bullish momentum as the histogram expands above its signal line. This coincides with a bullish KDJ crossover, where the %K line (82) surged above %D from oversold territory. While both indicators signal upward acceleration, the KDJ’s proximity to overbought territory (with %K >80) warrants monitoring for near-term exhaustion if buying volume subsides.
Bollinger Bands
The bands have expanded after a prolonged contraction phase, reflecting a volatility breakout. Price recently tested the upper band at 34.57, typically indicating strong momentum. Bandwidth expansion historically precedes directional moves – the current 15% widening since early July supports continuation of the upside break. The midline (33.75) now acts as support.
Volume-Price Relationship
The 3.04% advance occurred on 9.98M shares traded – 78% above the 30-day average – confirming institutional participation. This follows accumulation patterns during the 33.20-33.50 consolidation, where volume spikes on up days exceeded those on down days. The volume-weighted average price (VWAP) since the June low is 33.40, aligning with recent support.
Relative Strength Index (RSI)
The 14-day RSI (68) approaches overbought territory but hasn’t crossed the 70 threshold. This indicates strengthening momentum without immediate overheating concerns. Notably, RSI has formed higher lows since mid-June while prices tested similar lows, revealing positive divergence that foreshadowed the current breakout. Such divergence typically carries more weight than absolute RSI levels.
Fibonacci Retracement
Applying Fibonacci to the April-2025 swing low (28.70) and July high (34.57), key retracement levels emerge. The 61.8% level (31.75) provided pivotal support during the June pullback. Current prices test the 127.2% extension level (34.45), with confluence near 34.60 (psychological resistance and recent high). A decisive break above 34.60 would expose the 161.8% extension at 35.80.
Confluence & Divergence
Bullish confluence appears at 33.00 (support), where horizontal price structure, the 100-day SMA, and the 50% Fibonacci retracement align. MACD-KDJ agreement reinforces the breakout’s momentum credibility. However, bearish divergence exists between the RSI (approaching overbought) and volume oscillators, suggesting short-term consolidation may precede further upside. The Bollinger Band expansion likely mitigates this divergence’s significance if volume persists.
The technical framework suggests ICICI Bank has established a new uptrend phase following consolidation. While near-term resistance near 34.60 may trigger profit-taking, the confluence of moving averages and volume support favors further upside toward 35.80 upon consolidation, provided key support at 33.75 holds. Traders should monitor overextension signals from oscillators against sustained volume confirmation.