The chart clearly depicts Inverted Head and Shoulders (H&S)**, which is a **bullish reversal pattern**. Here's the updated analysis for **SBIN (State Bank of India)**:
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### 🧠 **Pattern Recognition: Inverted Head & Shoulders**
- **Left Shoulder**: Formed in **early February 2025**
- **Head**: Deeper low formed in **early March 2025**
- **Right Shoulder**: Higher low formed in **early April 2025**
- **Neckline**: Around **₹785**, which has just been **broken on strong volume**
This pattern often marks the end of a **downtrend** and the beginning of an **uptrend**.
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### 📏 **Measured Move Target**
- Neckline Breakout Level: ₹785
- Depth (Head to Neckline): ₹104.75
- **Target = ₹785 + ₹104.75 = ₹889.75**, which aligns almost exactly with the marked level of **₹888.90**
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### 🔍 **Volume Confirmation**
- Volume has **increased notably** on the breakout candle, which is a **key confirmation signal** for H&S patterns.
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### 🧱 **Support and Resistance**
- **Breakout support (neckline)**: ₹785
- **Next resistance levels**: ₹888.90 → ₹912
- **Downside support zones**: ₹775, ₹680 (head base), and major at ₹620.70
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### 📌 **Summary**
- ✅ **Inverted Head & Shoulders** pattern confirmed
- ✅ Breakout above neckline with volume = bullish
- 🎯 **Target**: ₹889 (approx 11.5% upside from breakout)
- 🔄 Watch for potential retest at ₹785 for a low-risk entry
---
---
### 🧠 **Pattern Recognition: Inverted Head & Shoulders**
- **Left Shoulder**: Formed in **early February 2025**
- **Head**: Deeper low formed in **early March 2025**
- **Right Shoulder**: Higher low formed in **early April 2025**
- **Neckline**: Around **₹785**, which has just been **broken on strong volume**
This pattern often marks the end of a **downtrend** and the beginning of an **uptrend**.
---
### 📏 **Measured Move Target**
- Neckline Breakout Level: ₹785
- Depth (Head to Neckline): ₹104.75
- **Target = ₹785 + ₹104.75 = ₹889.75**, which aligns almost exactly with the marked level of **₹888.90**
---
### 🔍 **Volume Confirmation**
- Volume has **increased notably** on the breakout candle, which is a **key confirmation signal** for H&S patterns.
---
### 🧱 **Support and Resistance**
- **Breakout support (neckline)**: ₹785
- **Next resistance levels**: ₹888.90 → ₹912
- **Downside support zones**: ₹775, ₹680 (head base), and major at ₹620.70
---
### 📌 **Summary**
- ✅ **Inverted Head & Shoulders** pattern confirmed
- ✅ Breakout above neckline with volume = bullish
- 🎯 **Target**: ₹889 (approx 11.5% upside from breakout)
- 🔄 Watch for potential retest at ₹785 for a low-risk entry
---
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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.