ICICIGI trades in Ascending Triangle pattern

Considering the daily timeframe, the stock of ICICI Lombard General Insurance Company Limited is trading in the Ascending Triangle pattern since the last 32 trading sessions. As of now, the price action has narrowed substantially and the price has reached near the apex point of the triangle, which indicates that the stock is likely to give a breakout in the coming days.
 
The Ascending Triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. Besides the ascending triangle pattern, the daily chart shows that Bollinger Bands have contracted, indicating an early signal of a bigger move.
 
The major trend of the stock is bullish, as it is trading above its weekly pivot and over its long-short-term moving averages, that is, 20-day, 50-day, 100-day, and 200-day EMAs, and these moving averages are in ascending order, suggesting a strong trend. Interestingly, the leading indicator RSI is also in a symmetrical triangle formation and any breakout will be a great opportunity to buy this stock. The weekly MACD stays bullish, as it is trading above its zero line and signal line.
 
Going ahead, the stock has immediate support in the zone of Rs. 1,350-1,345, as it is the confluence of 20-day EMA and upward sloping trendline. On the higher side, any sustainable move above the level of Rs. 1,400 is likely to open up gates for further rally towards the levels of Rs. 1,450, followed by Rs. 1,500.