#SBILIFE is showing clear signs of a strong breakout from current levels.
The ascending trendline has supported the price since 09MAY25. The price continued to hold near the levels of 1855, with every red candle bought in.
Yesterday, i.e. 04AUG15 was a good day to initiate accumulation. In our view, price is expected to move sharply once the daily/weekly candle closes above 1860 with supporting volumes.
The ascending trendline has supported the price since 09MAY25. The price continued to hold near the levels of 1855, with every red candle bought in.
Yesterday, i.e. 04AUG15 was a good day to initiate accumulation. In our view, price is expected to move sharply once the daily/weekly candle closes above 1860 with supporting volumes.
Trade active
The stock has given a reliable breakout today.Target 1: 2030
Target 2: 2200
Keep holding with a trailing stop.
Update SL at 1800.
Trade closed manually
After having spent a month at the top since the initiation of the trade, the price attempted many times, but failed to break above the strong level of 1850. Despite the broader markets participating in the bull run since the start of Sept'25, this stock only demonstrated weakness.
The price action on daily candles now resembles distribution and depicting start of decline hereafter.
Hence, in our considered view, the trade holds no more merit and staying invested would unnecessarily block the deployed capital.
Trade closed!
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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.