SBILIFE is in trading Range as you can see in hourly time frame .
SBILIFE already did several attempts to break the trading range formation but it failed .
Now the real question is why i am bullish on this still it failed to hold above trading range .
Because its above 200 SMA in daily time frame and if look closely you can see the bullish flag pattern in Daily time frame.
In hourly time frame price respecting new support it shows some bullish signal.
Price making higher low and same low which is kind of bullish signal .
These are the factors that's why i am bullish on this , but still i can be wrong . Let's see what will happen .
SBILIFE already did several attempts to break the trading range formation but it failed .
Now the real question is why i am bullish on this still it failed to hold above trading range .
Because its above 200 SMA in daily time frame and if look closely you can see the bullish flag pattern in Daily time frame.
In hourly time frame price respecting new support it shows some bullish signal.
Price making higher low and same low which is kind of bullish signal .
These are the factors that's why i am bullish on this , but still i can be wrong . Let's see what will happen .
Trade closed: target reached