Trading-With-A

SBIN short on break of neck line on 15m chart

Short
NSE:SBIN   STATE BK OF INDIA
SBIN short entry below 430

target 1: 424
target 2: 420
sl: 432

Sbin has broken below neckline of 430, we can take short entry from here for target of 424 and 420. We can take entry now at 429 or wait for pullback upto neckline at 430.

There is previous Monthly high of 427.7 which will give some support. Below it we can see fast movement towards our targets.
Trade closed: target reached: Sbin target 1 reached at 624
Trade active: Pullback upto the neckline is a good point for reentry for trade on downside.
We got good price in range of 630-631 for short entry.
We can continue with Sl of 632.
or we can modify sl to 635 for our new reentry.
Comment: Sbin made low of 422.15.
Trade closed: target reached: Bang Bang.
Our target 2 420 is achieved
Comment: As our both targets are achieved we will look for downward move until we see a reversal for upside.

The next plan is to wait for SBIN to retrace and then Short again.

Till then we have achieved our targets.

Comments

Nice reentry move, lets see how far it will take
Reply
That movement after head and shoulder neckline breakout was very fast. It made low of 425.5.
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