AbhishekHSinghCMT

SBIN - The Master Key No-269259274 (50 Points)

Short
AbhishekHSinghCMT Updated   
NSE:SBIN   STATE BK OF INDIA
A master key, which can open several locks while each lock would also open by its own unique key- I mean by individual piece of analysis. 50 points back to back which was followed on the post.

19:04 Hrs 31st May 2018
Day High@275
Last Price@270

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 technical analysis , 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 support level &completed 4 legs back to back reaching 274-275 today@31st May 2018 (Forming Double Top )


What Next ?

Holding Below 274 -275 ( Double Top ) 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.

Alternate Strategy
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.
Trade active: 09:55 Hrs 1st June 2018

Last Price@267

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.
Trade active: 12:21 Hrs 1st June 2018

Last Price@265.50

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.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
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.