SBI Cards and Payments [Potential Swing]
Since October 2021, SBI Cards and Payments has been on a downward trajectory, eventually finding support at 690. However, the weekly chart suggests the stock may be entering an accumulation phase. Since January 2024, the price has been fluctuating between a low of 690 and a high of 760, which could indicate consolidation as buyers gradually accumulate shares. Additionally, there has been a noticeable increase in trading volume since October 2023, suggesting growing interest in the stock.
From a technical perspective, the weekly MACD appears positive and is on the verge of gaining momentum, signaling a potential shift in market sentiment. The monthly MACD also reflects a steady decline in seller momentum, further indicating increasing buyer interest.
At this stage, only two resistance levels have been identified. A breakout and sustained movement above the second resistance level (R2) will be critical in confirming a stronger upward trend. If the stock successfully maintains levels above R2, further resistance levels will be marked, providing clearer targets for future price action.
Potential Risk:
The primary risk to the stock's upward trajectory is the possibility of a broader market correction.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
From a technical perspective, the weekly MACD appears positive and is on the verge of gaining momentum, signaling a potential shift in market sentiment. The monthly MACD also reflects a steady decline in seller momentum, further indicating increasing buyer interest.
At this stage, only two resistance levels have been identified. A breakout and sustained movement above the second resistance level (R2) will be critical in confirming a stronger upward trend. If the stock successfully maintains levels above R2, further resistance levels will be marked, providing clearer targets for future price action.
Potential Risk:
The primary risk to the stock's upward trajectory is the possibility of a broader market correction.
Disclaimer:
This analysis is intended for educational purposes and is not a recommendation to buy. It is important to learn how to recognize and understand patterns in stock movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.