SBI looks wak on daily chart . CCI has crossed from above 100 to below 0, signalling short term down trend to continue. It is standing at 20 Days EMA. Swing high and low in last 3 instances saw spike in volume and then change in trend. Same has happened at swing high of 364. Triangle in viewed as continuation of previous trend (in this case up trend). But considering last 3 swing scenarios,volume activity and CCI reading says that short term down trend is likely to continue. However, it must be noted that we have come out of bigger triangular consolidation on weekly basis and supported by volume.
Traders with risk appetite can short below 337 with SL above 350 or sell on rise at 346-348 with SL above 365 for target 320-310.
Medium traders can wait to go long in dip at 315-318 with sl below 290.
Traders with risk appetite can short below 337 with SL above 350 or sell on rise at 346-348 with SL above 365 for target 320-310.
Medium traders can wait to go long in dip at 315-318 with sl below 290.
Comment:
Modification : SL at 355
Trade active:
made high of 346.35. Call is now active. Keep strict SL at 355
Trade active:
cmp 337.80
Trade closed manually:
made low of 333.80. Now trading at 339. close sell position