VishwaTTL

SBILIFE - Converging price

Long
NSE:SBILIFE   SBI LIFE INSURANCE
SBILIFE is clearly in uptrend. Now, that this strong pullback from august seems to be coming to an end.
We see converging price at 50% pullback zone of the prior up trend (Marked in black line).
Also, we can see a lot of neutral candles, indicating weakness of the short term selling trend.
So, we can expect a rally in SBILIFE once the price breaks out of the range.
and this rally can go up to 900 / 920 levels

Comments

Greetings ! Do you see this price movement is falling wedge pattern or descending triangle pattern? Latter is a bearish pattern which often leads to fall in price
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VishwaTTL datepuru
@datepuru, ya, i do realize that. but from the price behavior at this level i expect the price to go up in the near future
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