19:04 Hrs 31st May 2018
Trading with me 21st/22nd May 2018
It all started with the idea Trading with me 21st/22nd May 2018 which coincided with SBIN results - we got 259 as important resistance & once we cross that level 259 becomes support -which is called "polarity reversal" in , whenever resistance turns its role into support & vice versa.
SBIN - 259 - I Knocked Your Door!!!
270 Resistance - we got 1st leg to 260 - Holding 260 -pushed upside to 274 - suggested we look for downside move holding below 275 & we knocked 259 , finally pushed again holding 259 -key &completed 4 legs back to back reaching 274-275 today@31st May 2018 (Forming )
What Next ?
Holding Below 274 -275 ( ) or selling close to 275 we shall look again to 265 - 259 levels but this time if 259 is broken -it can take SBIN to 245 - below 245 to 237-238 & in case 232 is broken then it becomes too hot to hold so just leave it.
Above 275 - Be cautious as strict stops below 275 for any move above for 280 - 285 ( Note - No Long Trades if SBIN holds below 275)
Shall be happy to have your comments.
As suggested above it is holding above 265 - Going below 265 & holding below 265 - we shall look again for 259-260 zone & if 259-260 holds -look for bounce again 270-275 -278 - If 259 is pierced then we move down as suggested in update.
265 is important level so turning upside holding that as support can be a possibility if it holds we look for 269 -270 as target & above 270 for 272-273 but holding below 274-275 -going above 275 surely it moves swiftly upside more.
Kindly do not hold below 265 -on intraday basis - going below 265 -we look for 259-260 & buying again in that zone.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw