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Sbin

Bearish Head & Shoulder Pattern in SBIN for coming sessionsThis analysis is purely for intraday or STBT trades. Red lines or bars represents resistance. Green bars/lines represents support. Yellow horizontal bar represent the current price level State Bank of India appears to forming the right shoulder of "Bearish Head & Shoulder Pattern" in Hourly as well as 5 minutes Time frame. The neckline seems to be near 192 level. If that level is broken with volume and price sustains below that level.. then the support of 185 level may be seen quickly. Advice would be to see the price action at the current level (yellow horizontal bar in the chart). if that level is broken with volume then price will go down to complete the neck line.
NSE:SBIN
by AdityaKarn90
State Bank Of India - Price may fall.Hi Traders, The price of SBI has broken the upper channel which is an indication of exhaustion. There is a key zone at 297 - 314 levels which is in confluence with a Fibonacci retracement level, So we can expect the start of a bearish cycle from these zones. The price can react with the golden zone but the overall momentum will be bearish. If price manage to break the key market structure, we can confirm the start of the bearish cycle which will result in the break of the trendline. Note:- 1. The key market structure can change if price tests the Key zone at 297 - 314 levels. 2. This analysis can be used only for long term positions. 3. This analysis is done based on technical analysis without considering any fundamentals. Pls comment below for any queries. Happy trading....
NSE:SBINShort
by Hari_krishnan_S_Kumar
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