SBI
SBI Weekly Outlook1. 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
SBI Short for Target 190Technically 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..
Short for target below 230SBIN has probably completed the initial impulse from feb lows. The correction that started early november should pick up pace soon.
Bullish on SBINThis could go up for an impulse. Confirmation would be on UTL break.
Nifty PSU Index is correcting as of now. Both could move up together.
SBI : Bullish Cypher - Is there anything more to say ?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.
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Buy SBI....purely technical viewSBI 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.
SBIN : Simple trendline setup waiting for breakoutHi 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 also..check on higher timeframe...
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SBI Counter Trend Trade : Risky Plan Hey Guys,
Happy Monday.. Only we traders have the guts to say Happy Monday instead of Monday Blues :P
So lets jump to our analysis and why I am planning for an counter trend trade in SBI.
This is one of my favorite setups to trade, No matter what others say or think...I am deeply in love with counter Trend bcos it makes us analyze various reasons to enter trade & I like that analyzing part very much.That's why its My Favorite setup.
When you take a look at chart we can see there is an ABCD pattern which ends up right in our marked resistance zone. As of now market is 5mins away from opening, while I post SBI price may be away from our zone if gapup/gapdown happens today.
Do we have only ABCD pattern no not at all ? If we look on eagle's view we have Bearish Bat & Bearish Gartley also which I have drawn as two patterns in above chart. And this Gartley beauty comes across our resistance zone synchronized with ABCD pattern. I will be shorting SBI, only small positions in Gartley/ABCD zone and some more when bearish bat completes if Market moves in bullish trend.
Just one thing before we wind up, Countering trend is risky and people don't like to do, so only if you are aggressive trader take this idea and trade SBI, else I strongly advice you to keep this idea in radar n watch the trade, bcos staying away from trade is better than losing money in trade with high risk.
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Nifty : False Channel Breakout or Early Breakout ??Let's start with Britain's referendum polls. No one is sure what will be poll results, Its Neck to neck between BRemain & Brexit. What Nifty will do inline with poll results ?
If Bremain happens - Nifty Gap Up ; If Brexit - Nifty Gap Down.
Rare case : There is possibility of Nifty ignoring the result as India has some vested interest in both scenarios
Coming back to charts, we have channeling and price ranging for past few days between 8000 to 8300.
Today the upper trendline broke and we have solid close above trendline. This can be false breakout or early breakout for bullish run, cant say with much confirmation as the channel is still in formation.
If Upper Breakout is valid, then Nifty will try to fill previous gap @8350's but if markets are in full bullish momentum & didnt face any resistance around 8350's , it will straight away go for 8500's - small pullback -then 8600's.
On Downside Nifty has very strong support @8000's,but some valid fundamental thing needs to happen to break this level sooner or later to retest 7500-7700's. After that markets will touch 9000 mark. If 9000 happens straightaway that it will be fragile.
Dont miss to note the double top @8295, which means market can move lower if Double top works.Both these scenario's gets complex with Brexit poll news. So wait till results then look at charts to make a decision.
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SBIN hits long term downtrend line and consolidates.SBIN hits long term downtrend line and consolidates. Risk to the downside if it doesnt crosses over . sell with 225 stop
SBIN : Simple Bullish Trend Continuation EntryNote : Unless some macroeconomic news affects banking sector, SBI has good potential to move up in coming weeks as most of loans written off & market has adjusted to that.
But Jun 14-16 with Fed meetings markets can react , Feds always do what they think right not what needs to be done.
The zone marked above has been tested 4 times, so I am expecting it will be acting as support zone around 200. With gap down opening market is right in our zone but if you wish to enter at better price to reduce risk,plan your entry. Anything above 1 is good for entry.
You can also use this for trend continuation for longer targets in SBIN. Don't trade bcos I posted, do your analysis if it convincing enough to take trade then enter.
Happy Trading !
SBI short under todays high target lower channel supportSBI short under todays high target lower channel support
SBI Counter Trend Trade : An AnalysisMarkets always has tendency to fill gap zones.
If you draw fib extensions / retracements on previous few swings , every 1.618 extension ends up in our marked zone
1618 is more valid ratio & we can expect market to move up after reaching the zone.
ABCD pattern completion also in same zone.
This is 4h chart of SBIN so will take time to complete, just keep it your radar
Happy Trading !
Simple Enough : Trend Continuation SBI Buy (Hourly)Lets keep patterns, triangles and Wave theory aside for sometime.
Lets keep it simple for State Bank of India , as you can clearly see simple trend continuation and we are planning to buy on the pull back completion.
Some may feel that how can we be so sure ? Well, as per my rule book trend continuations with good risk :reward are valid enough.
Please check your stops,entry and targets before entering State Bank of India (SBIN).
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Happy Trading !
