SBIN: 170 vs 200 - Where will it go ?
Updated
SBIN saw some expected corrections after the last breakout (as predicted in the divergence idea); rather large corrections primarily due to June option expiration. It is currently moving inside the value area and took support near the long term support level of 184.5.
However, the overall price movement remains bullish.
Its always easy to fit in Elliot waves and find harmonic patterns to prove one's underlying hypothesis! So don't read a lot into it!
Confirmation of the expected pattern drawn on charts will come with a close above 195.
Intra-day ideas for Monday:
Follow ORB and scalp. Key levels to watch out are drawn on chart.
If it crosses 195 and confirms the hypothesis - go long on July 195CE or 200 CE based on your risk appetite.
If it crosses below 180 - negates the hypothesis; I'll book losses (as I am already in on my bet for 200) and then short for 170 to cover some of the losses :)
However, the overall price movement remains bullish.
Its always easy to fit in Elliot waves and find harmonic patterns to prove one's underlying hypothesis! So don't read a lot into it!
Confirmation of the expected pattern drawn on charts will come with a close above 195.
Intra-day ideas for Monday:
Follow ORB and scalp. Key levels to watch out are drawn on chart.
If it crosses 195 and confirms the hypothesis - go long on July 195CE or 200 CE based on your risk appetite.
If it crosses below 180 - negates the hypothesis; I'll book losses (as I am already in on my bet for 200) and then short for 170 to cover some of the losses :)
Note
Trading Ideas for Wednesday:The stock is at a critical level.
Below 178 is downhill all the way to 171 at least if not beyond
A bounce here may indicate a ranged behaviour.
Go long if there is a gap-down opening!
Trade active
Buy triggered at 180T1: 182
Note
SL 178Trade closed: target reached
Note
Will re-enter for long if it closes and sustains above 184.5 todayTrade active
Buy triggered at 184.5 for target 187Trade closed: target reached
Note
Target for Friday: T1 - 190, T2: 192, T3: 194Trade active
Buy triggered at 184.5T1 - 187
T2 - 190
Trade closed manually
closed at 184.5 NPNL making Zerodha rich.Still holding on dearly to 200CE options; Added 185CE for BTST
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