ParimalDevnath
Short

SBIN, Charts speaks

NSE:SBIN   STATE BK OF INDIA
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It is all written in the chart, what the price is supposed to do. On 25.10.17 a Positive Divergence took price up with a big Gap due to govt . decision to make fresh capital infusion into the PSU Banks (it never worked, it will never work). A top was in place. Since that date price tried to catch up with that top but failed. This was the 1st signal of weakness. 2nd: Price came below 200 DMA. 3rd: 50 DMA crossed 200 DMA on the downside (deadly sign). 4th: Trade Gap got filled. 5th: A Shark Pattern (4th leg) failed (when a classic pattern fails, it means that price must move furiously on the opposite direction). 6th: Yesterday price breached the 'Earlier low'.
How many signals do we need to confirm a trend???
Now we shall see that all rises will be sold out.
Then what is the bottom?
+1 Reply
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