SBIN trade ideas
SBIN -NSE/BSE Long term PT 3000Not a Financial Advice. Charting for entertainment purpose only. Not an expert, still learning charts.
Elliot wave analysis shows start of Third Impulse wave (#3) after a Flat and expanded correction. Long term PT- 3000 possibly higher.
Correct me if I am wrong.
Breaking all time high but what about business improvements?SBI has broken long time high with bang. But upward momentum is not able to sustain. Does this shows level play based on Gov support for PSU banks and doubts on improvements in business and margins in long term compared to non psu peers.
Descending Triangle pattern in SBINHi,
SBIN showing a Descending Triangle pattern it may go downwards to fill the gap.
Thanks
SBI Major MoveRSI is in overbought zone and needs to cool down to have another big move. If it stays above 400 for net 3 weeks we can go to 600 or else it wont be able to break the resistance line and can fall down to 300 or 276. That is where I will enter in long position. I took my profits.
SBI- Will it proclaim the throne of biggest lender?The stock has broken out of 10 years of range. Volumes like that were seen a decade ago atleast. Is smart money giving another attempt to India's Biggest lender? Will it Exceed HDFC Bank's Market Cap this bull run.
Well, time will tell.
Reason for SBIN breakoutA major upper trendline was broken with a slight heavier volume , then retested and was bounced back from a crucial support level which was provided by the trendline that was earlier broken NSE:SBIN .
SBI bank Ready for Correction and enter into 4th wave. according to Gann Theory SBI 1 unit of price/day = the motion of the earth around the sun such as we can see in the chart. it shows price and time balancing from 22 may 2020 to 05 Feb. 2021. and 2nd wave is so consolidate it indicate 4th wave will be sharp.
SBIN { 30 M short }Stock gapped and IB formed , Good to short now if breaks
Rest is as per charts
Note :-
Entry - At the break of mentioned candle's low/high
Stop Loss -
In a Short Trade, I always use Previous Candle High ( PCH ) as a stop loss while entering the trade. Sometime I might use 15 M tf SL & trade in 30M tf which I'll mention. Vice Versa for long trades
Trailing Stop Loss ( TSL ) - Mostly I trail stop loss by PCH as price falls . I exit as PCH breaks & vice versa
Use of PSAR as TSL :- TSL get's hit in trend following due to noise, In such cases I use PSAR to be in trend & exit if PSAR direction change
You can use any one of above mentioned or your own way to manage risk
Time Frame :- I take ~ 90% of my intraday trades in 15m tf. Where my analysis might come from higher frames like W , D or 1hr chart pattern which will be mentioned.
Target :- I do set target line based on support / resistance slightly above/ below it . Please pay attention to it
HOW TO INVEST IN SBI ? and WHY SBI IS NOT FOR TRADERS? COMPLETE PRICE ACTION :
SBI IS ONLY FOR INVESTORS WHO WISH TO INVEST AND FORGET.
AFTER 1 YEAR/2 YEARS YOU CAN SELL AND TAKE OUT PROFITS .
BUY WHEN THE PRICE HITS - SUPPORT LIN E +RSI BELOW 30
SELL WHEN THE PRICE HITS - RESISTANCE LINE OF THE CHANNEL + RSI ABOVE 75
USE ALONG WITH USE RSI- TEAMGAPUP FOR EXTRA CONFIRMATION.
Do the same only when both the conditions are meet.
May be if this year if there is no break out .You can use the same logic above.
Lets see if this could be a 12th year to follow the same channel
why its not for traders ?
Because it hardly takes 1year to 2 year to travel to the opposite direction,where day traders cannot be benefitted
SBIN at monthly supply Short entry can be taken at daily supplies which are nested with monthly. Trend line also broken( daily)
SBI 13/01/2021 updated after 1St TP achievedHi
this analyze is base on my preview video analyze of the same ticker
www.tradingview.com
as we can see our first target was 300 to 310 Rs which we had achieved and now we are crossing the 161.8% fib projection which is also called as extension zone in Fibonacci jargon and it gets interpreted that once we touch this zoon after crossing the 127% of the same fib, then we can expect the trend to reach the 261.8% of the same fib projection which I have specified with the TP Zone Box (350Rs)
we may have a renege and consolidation period as we are breaking trough a tough resistance zone which i have specified with the red box.
or a little bit correction to 127% of fib but the ultimate target is to cross the resistance zone and hitting our target price of 350Rs
please comment your opinions
