Uh oh.
The market has corrected this week, and nothing has been immune.
Big cap, small cap, tech-heavy, and non-tech stocks have gotten hit and are getting hammered today.
Yes, even Bitcoin too.
Is this the massive pullback that the Bears have been screaming for all year long?
The sad answer is: maybe.
But maybe not.
The way we’ll really know is by watching breakouts.
Stocks don’t break out in a Bear Market. At least, most of them don’t.
We don’t have to worry about Bears or Bulls.
We just have to watch the breakouts.
And Icici Bank is right on the edge.
Here’s the chart:
As you can see, it went right up the breakout level and immediately pulled back. That’s bearish.
But if it breaks through $31.60, that’s bullish.
And could lead to an explosive run.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
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