SBI - Triangle Breakout - Long

Jul 7, 2021

Hi Guys,

Please find the detailed analysis of my view in State Bank of India

Time Frame of Chart - Daily
Market Stricture - Advance
Swing Point - Swing Low to Swing High
Last Line of Defense is Braked ? No
Current Trend: Bullish to Follow
Trend Reversal Pattern found in Candle Stick: No - Doji Pattern (Indecision Pattern)
Volume Support the Reversal based on Candle Stick : No
Whether EMA50 Cross EMA200? Above
ATR Volatility? Down
Chart Pattern: Triangle
Build Up happened before /after the breakout of the Chart Pattern? Yes At support
Breakout Happened? Yes
Breakout Happened with god volume in Chart Pattern? Yes
Post Breakout Next Candle in-line with breakout candle? No
Retest Happened? Yes
CPR? - Bullish Bias
What type of CPR? Extreme Narrow
Previous Virgin CPR is there? NO
Whether Breakout happened near the CPR? Yes

Support: 414.30, 356.35 and 337.45
Resistance: -

Trading:

Buy : Above 430
SL - 413.25 ( Closes Above Daily in TF)
Target - 482.45 ( Based on Fib Extn)
Risk: 16.75
Reward: 52.45
Ratio: 1:3.13

Trade is Favorable ? Yes

Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis before executing the trade or contact
your financial advisor.