Buying opportunity on State bank of india , Triangle pattrn brkout or if not brkout thn this pattern will extend it and couvert into reversal channel ......
1. Double top formation in progress
2. Wait for a bearish candle and enter at the low of that candle
3.Will update with profit and sl if bearish candle appears
So, the time has caught up with irrational exuberance on banking sector in India.
The ridiculous rally banknifty saw over last few months lacked any fundamental push as such.
Now it all seems to be unwinding. And this is going to be good!
In this chart we see State bank of India has broken the steep weekly channel quite significantly.
260 at least would be a ...
Technically SBI has broken Trend Lines and Supports, Volume is Increasing on Down Days, BankNifty is Looking Weak and There is also a possibility of a third wave... Targets Can be seen at 190..
Normally, we all have opinion that prices will reverse at 61.8% fib ratio ( that's why its called Golden ratio). Put that in combo with resistance zone, the probablity of getting good trade increases. Thats what we have here in BankNifty, with price around 18900's and resistance zone in same area, I expect the market to reverse here. We do had similar kind of ...
We got bullish cypher pattern here, so I'm expecting completion of CD move, it may happen today or tomorrow, we cant predict that with 100% confidence. But one thing we can say, if price comes to our entry zone I will enter long in SBI with cypher as reason but only after the pattern completion.
Hit Like button to keep me motivated to post more ideas...Thanks for ...
SBI is range bound for the last three weeks between 222 to 235. Any breakout on either side would be fast and furious. Trendline support is at around 220 and 21 Day simple moving average is at 226. Taking into consideration some positive bias, one can keep stop loss at 219 and maintain the long position for a short term target of 242 and medium term target of 255.
Hi All,
Its just couple of trendlines drawn over the highs & lows..nothing fancy here. SBIN is ranging for past few days so we are expecting breakout(expansion) soon, so whichever the direction breakout happens enter with proper stops. Being expiry day today it may give false breakout so be stingy about your stops.The same setup is forming in SBIN hourly ...
