SBIN is in consolidation and after breakout or breakdown we can see a sharp move upward/downward
As on 16th March 2023, the short position is yet to be initiated.
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Dear traders, I have identified levels based on my analysis, major support and resistance levels. Please note that I am not a SEBI registered member. Information shared for educational purpose. Please do take trade based on your own analysis and risk-taking abilities. Never ever worked with fixed mindset. Any news/result data may change the direction of the trend...
SBIN is near its crucial weekly resistance level. Plus, RSI is showing a negative divergence. It is a perfect R:R trade if one wants to go short. (Attached : Sector's Chart Link)
SBI stock Daily Candle formed a perfect PPL (Inside Bar) pattern, Kindly keep this in your radar for BUY side mostly as per the RSI indicator.
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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.