surajagarwal15743

Prepared for Profit Booking

NSE:SBILIFE   SBI LIFE INSURANCE
- If you are holding any of the above two giants, so let me me inform you that I think profit booking has started.

- RSI and MACD are supporting the above view and showing the signs of temporary reversal.

- RSI has formed negative divergence on daily time-frame.

- Time to exit for a time being, but as I said these are giants and if you are immune to such petty slips, continue to hold it as they have a lot to offer.

Comments

Weekly price movement in the current week which constitutes only today's price movement has formed dragonfly doji candle. This is in the uptrend which indicates possible retracement from the current level. Secondly, Weekly RSI is at 79, an overbought situation
Reply
@datepuru, Thats correct; totally agree with your view that this is a possible retracement that is the reason I said profit booking and not correction.... Swing traders may go ahead and book their profit and long term investors may continue hold..
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