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.
Sbinanalysis
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....
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shortterm gain for SBINThe price is taking support of the inclined red color trend line. The price is been fluctuating within the parallel area. I believe the price might go to Rs. 263 before testing the water.
But the MACD is about to enter to -ve zone. So someone might have to wait for some time before entering into this.
Will SBI cross the Control Price?SBI is currently moving under the control price and making a parallel channel. But because of the election, all the markets will get affected. Right now, it's trying to move upward to cross the control price ( 213 ).
If it crosses the control price, then it will touch the following levels 217.70 - 226.30 . That means the control price will react as support the same as the previous it reacted.
But as I mentioned above, markets will get affected. There is a strong possibility of a reversal. If it takes a reversal, it will come down and hit the following levels 195.20 - 192.50 . That means this time control price will react as the resistance.
Sbin - Still looking BullishRecovery possible . Bullish Hammer on the 15 Min chart towards the end of the trading day. Targets maintained for 1 Sep.
Disclaimer :
Professional Day/ Short-Term Swing Trader. Ideas and entities are opinions. Trade at YOUR OWN RISK. I am not your financial advisors. Risk it for the biscuit.
SBIN - Buyers Active at Support It has been observed that the price action formed a ascending triangle on chart and then breaks a strong bullish candlestick breaks above the ascending triangle and the resistance zone. Then the price action falls back to support where bullish buyers showed buying again indicating a further move up.
Expected Target: T-210, 220 & SL - 190 (1:3, 1:5)
SBI Bank : High OI build up and strong on all indicator#SBI on July 31 reported a standalone profit of Rs 4,189.34 crore for the quarter-ended June, a growth of 81.2 percent over the year-ago period, driven by stake sale in the life insurance business.
Showing Bullish result in Technical Parameter:
CCI is treading UP
RSI is treading UP
MFI is treading UP
Stoch %k crossed above %D
William %R Trending UP
Aggressive new Long
Aug PCR OI is 0.54 means oversold.
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Resistance : 194.70 & 200 & 210
Breakout : 192.50
LTP : 191.10
Breakdown : 189.5
Support : 184.65 & 180
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Positive & Negative Point:
1) Bullish in Daily chart.
2) Neutral in Weekly chart
3) Bearish in Monthly chart.
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(Disclaimer: This is only for educational purpose and paper treading. Learn and take advice from you financial advisor)
Science Backed by Data[SBIN Series]: SBIN looks BullishNSE:SBIN looks bullish on 15 min chart with ichimoku cloud showing bullish breakout. RSI looks to be trending bullish. Initial immediate targets looks 192.10/194.55 with immediate Stoploss of 187.25 for risky traders or for brave traders 186.30/185.25.
For swing traders first target is 202.50 and then with trailing stoploss till 210-215.
If you are interested in what sectors are doing good, look for this analysis in related ideas.
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Reliance are leaders from last week. CNXIT is emerging as a fast challenger beating CNXFMCG . BankNifty is still a poor laggard.
July Performance
2020 Performance