SBICARD - Ascending Triangle pattern - Short term swing tradeThis analysis is purely based on price action and Chart Patterns.
The analysis is on 30min TF hence target can be achieved in intraday trade or in couple of days.
Trade logic with SL and Target is explained in image itself.
Don't chase the price. Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
This analysis is purely for education purpose. Kindly do your own study before entering into any trade .
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
SBICARD trade ideas
SBICARD_educational viewIf SBICARD consistently maintains 855 level (within 1-2% error band), then breakout possible before 05/01/2021 and shall achieve midterm target of 1050 (on or before 15/01/2021)
Immediate Support at 805
Strong Support at 782
For this period, 16-12-2020 to 05-01-2021, 820-856 would acts as support line.
Only an educational view
SBICARD TUG OF WARSBICARD is on tug of war between Bulls and Bear. It is forming Triangle Pattern therefore if it breaks upper trend line one can go for Long, however, if it is being controlled by bear they can shed it upto lower trendline. If it comes in control of bears they can further shed it to 760-755 where it can consolidate further for fresh upside. As of now no steam is being shown by it hence we are looking for price to kiss lower trendline.
SBI Card - Intraday / Swing Trade SetupSBI Card CMP - 807.25
Looking bullish in weekly time frame. One can go for Intraday / Swing trade setup with the following entry, exit & targets
Sell at or below - 805 - 803 / Stop Loss 820
Target 1 - 800
Target 2 - 795
Target 3 – 790 / 785
Note: This is my view and for educational purpose only.