SBIN To Mount New Highs

147 0
Targets : 325-330 Buy range : 270-280 Stoploss : 256 Duration : 5-7 weeks

Outlook :
Current Daily chart structure of SBIN a participant from public sector banks is suggesting a potential set up of “Three Hills and A Mountain” chart formation.
The above said pattern is rare, but a very reliable pattern and consists two trade setups; one "short" and one "long."
Stocks gradual up move from Rs .241.10 (January 2017) to peaks of Rs .315.30 (May 2017) making higher tops and bottom formation resulted into three hills formation,1st ( Rs .282.80), 2nd ( Rs .298.75) and 3rd (315.30), where each hill retraced 50%-61.8% of its height before expanding into the next hill .
After completion of the "Three Hills," SBIN offered 1st trading opportunity going short when it breached the upward sloping trendline (Blue coloured line) at or below levels of Rs .290 on the closing basis for the targets of Rs .269 which is 61.8% of entire upmove (AB) from Rs .241 to Rs .315 and as accordingly the stock corrected till Rs .269.70 as on (June 2017).
After completion of 1st trade near 62% ( Rs 269-270) of the prior range, stock has another important reversal to the upside (D), the "Mountain" which rallies about 100% to 127% ( Rs 315-328) respectively, of the entire hills range (AB) as the pattern rule suggest.
We believe that the stock has a potential to move upwards and achieve the defined pattern targets in near future. Hence recommend a Buy at CMP and at any dips ( price range Rs .270-275), stoploss and targets as mentioned above.
Trade closed: target reached: Made a HIgh of 315
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out