This is a simple trend analysis showing strong support and resistance levels on a Weekly chart of SBI. The green rectangle shows a strong support region tested for over 10 years. The price has entered the green region along with an oversold RSI, which indicates that one should start buying at this level. It would be better to start making positions as the price goes deeper in the green zone or a risk-averse person can start making a position after a breakout.
The horizontal line at 251 shows a strong resistance/support tested at various intervals. That could be the first point of profit-booking. Use price and volume data to consider whether to hold (in case the share breaks out with strong volume) or book the profit (if the share shows signs of reversal). Profit-booking at this point will give a 30% return.
The red region shows the resistance region and is the profit booking point for the trade, in case the price breaks the 250-level. Profit-booking in this region will give around 70-85% return.
The horizontal line at 251 shows a strong resistance/support tested at various intervals. That could be the first point of profit-booking. Use price and volume data to consider whether to hold (in case the share breaks out with strong volume) or book the profit (if the share shows signs of reversal). Profit-booking at this point will give a 30% return.
The red region shows the resistance region and is the profit booking point for the trade, in case the price breaks the 250-level. Profit-booking in this region will give around 70-85% return.
Comment:
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Trade closed: target reached