Is 1240 THE FINAL FRONTIER FOR ICICI Bank Stock?

What is Dead end?  A point beyond which no movement or progress can be made; an impasse. Well – Look at ICICI Bank chart over last 7 years.

Here’s the ICICI Bank Monthly Chart

As you can see in the chart above: ICICI Bank has made many attempts to cross over 1240 in last 6-7 years but the stock has failed on every such attempt. It has turned out to be dead end for the stock.
What does this mean?
In market, stuff works as long as it works. Traders/Investors will short/book profit at 1240. Obviously, this all can change if traders decide to build a new road above 1240 – READ BREAKOUT. If ICICI Bank breaks out above 1240 and sustain – it will mark the beginning of new BULL RUN which can take stock much much higher in weeks and months to come.
WAIT FOR NEW ROAD TO EMERGE I.E. WAIT FOR BREAKOUT ABOVE 1240 and till that happens 1240 is dead end for ICICI BANK investors.