Descending Broadening wedge is forming after strong uptrend on 1 hour TF of State Bank Of India(SBIN). It does not mark the exhaustion of the Sellers, but the buyers’ ambition to take control.
This descending broadening wedge on the 1 hour TF is accompanied by a strong pattern formation on the 4 hour TF which is 'Cup & Handle'.
Disclaimer : This analysis is just for educational purpose only. Do your due diligence before taking any decision.
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Happy Trading!
- Volume has also been quite week during this pattern formation. Can give a good upside move with decent volume as it has already shown as it has already shown breakout + pullback from 'Intermediate zone'.
This descending broadening wedge on the 1 hour TF is accompanied by a strong pattern formation on the 4 hour TF which is 'Cup & Handle'.
Disclaimer : This analysis is just for educational purpose only. Do your due diligence before taking any decision.
Feel free to share your views below in the comment section!
Happy Trading!