SBI uptrend analysis and potential head and shoulder formation

STATE BANK OF INDIA FUTURES (NSE:SBIN1!)

Updated

NSE:SBIN1! STATE BANK OF INDIA FUTURES

trendanalysis chartpattern harmonicpatterns sbi sbin banknifty nifty50 nifty psubanks psu

SBI looks to have formed a bottom and heading for upside targets. If it makes a lower high i.e fails to break previous highs around 230 and then breaks past 193 on the downside then consider the trend to be reversed.

Comment:

Clear head and shoulders breakdown below 191. It was a good point to go short.

Comment:

Next downside target of 170 open. Below that 160 gap should get filled.

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