SBI Breaks Out of Head and Shoulders Pattern – Pullback Entry Opportunity at ₹876
State Bank of India (SBI) has been forming a classic Head and Shoulders pattern on the 4-hour timeframe, and it has now successfully broken below the neckline, signaling a potential bearish move ahead.
From a trading perspective, this breakout could present an opportunity for short sellers. A pullback or retest of the neckline around ₹876 could be an ideal entry point for those looking to ride the trend. If the pattern plays out as expected, downside targets are seen in the ₹845–₹850 range.
As always, traders should monitor price action closely during the retest and manage risk accordingly, as false breakouts are always possible, especially around key levels.
State Bank of India (SBI) has been forming a classic Head and Shoulders pattern on the 4-hour timeframe, and it has now successfully broken below the neckline, signaling a potential bearish move ahead.
From a trading perspective, this breakout could present an opportunity for short sellers. A pullback or retest of the neckline around ₹876 could be an ideal entry point for those looking to ride the trend. If the pattern plays out as expected, downside targets are seen in the ₹845–₹850 range.
As always, traders should monitor price action closely during the retest and manage risk accordingly, as false breakouts are always possible, especially around key levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.