📊 SBI Life – Technical Setup (Refined with 2nd Inside Candle)
Range-Bound Consolidation (147 Days)
Stock has been consolidating in a broad 1,720 – 1,900 zone for nearly 5 months, even during weak market phases → shows strong resilience.
Inside Candle Formations
1st Inside Candle: Marked earlier at the initial breakout attempt.
2nd Inside Candle: Formed again near the neckline resistance (~1,845–1,850), signaling compressed volatility and possible breakout readiness.
Multiple inside candles near resistance indicate energy build-up for an impulsive move.
Support & Trend Structure
Strong support at 1,718–1,772 zone.
Major trendline intact and defended multiple times, confirming institutional buying.
Breakout Levels
A decisive close above 1,850 neckline resistance with volume will confirm breakout continuation → targets open towards 1,900 / 1,950 levels.
On the downside, 1,796 / 1,772 act as immediate supports; breach below 1,718 would negate the bullish setup.
📌Important levels
long Zone: Above 1,850 with strong volume.
SL: Below 1,772 (safe traders can keep below 1,718).
Targets: 1,900 → 1,950 → 2,020 (positional).
Range-Bound Consolidation (147 Days)
Stock has been consolidating in a broad 1,720 – 1,900 zone for nearly 5 months, even during weak market phases → shows strong resilience.
Inside Candle Formations
1st Inside Candle: Marked earlier at the initial breakout attempt.
2nd Inside Candle: Formed again near the neckline resistance (~1,845–1,850), signaling compressed volatility and possible breakout readiness.
Multiple inside candles near resistance indicate energy build-up for an impulsive move.
Support & Trend Structure
Strong support at 1,718–1,772 zone.
Major trendline intact and defended multiple times, confirming institutional buying.
Breakout Levels
A decisive close above 1,850 neckline resistance with volume will confirm breakout continuation → targets open towards 1,900 / 1,950 levels.
On the downside, 1,796 / 1,772 act as immediate supports; breach below 1,718 would negate the bullish setup.
📌Important levels
long Zone: Above 1,850 with strong volume.
SL: Below 1,772 (safe traders can keep below 1,718).
Targets: 1,900 → 1,950 → 2,020 (positional).
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.