State Bank of india before budget day

sbin currently trading between 518 to 538 price range
i am assuming it is creating inverted head and shoulder, with such bullish market structure it can give nice breakout and if it sustain above 540 it can go upto 565 -568

indicators
MFI ;looks normal and strong
TSI : equally good no weakness
ema : price trading above 50 ema indicating bullish sign

NOTE; volatility is expected and will be higher because of event day

PSU banks have posted good results than PVT banks as SBIN been the largecap and leader of Psu scetor it will be getting some sort of event effect, with govt planning on divestments most of the money flow are expected to diverted to SBIN

TRADE ONLY IF YOU SAME CONFLUENCE OR CAN RELATE YOUR IDEAS WITH ME

thanks,
happy trading !!!

Comment:

price hit the 540 mark but did not closed above it, on 5 min chart we can easily spot the channel the price might follow it and we can enter on the breakout during 15min candle close this will add edge to the pattern

my personal approach on breakout will be (price break and ma20 retest with green candle)

expecting 2-3% move upto 552-553 levels for tomorrow

Comment:

high volatile currently holding on lower median of schiffork will update new idea on shciffpork soon

Trade closed: stop reached:

due to high volatility stop loss was triggered although the price came back to the range of buying if it breaks and closes above 540 will plan of going long