SBI: Whats the story...
Updated
SBI
CMP 256
Observations
- trading in ascending channel since Feb 2016
- currently at lower end of channel
-trading below 50 day EMA
- trading below 200 day EMA
View going forward
Scenario 1
- stock is at major trendline support & if the stock holds on to current level then
- the stock may see a bounce towards either 50 day EMA currently around 278 or max towards mid red line of channel around 295-305 levels
- and then we may see a bigger fall
Scenario 2
- The stock breaks past the channel support
- takes support around green line (around 244)
- on bounce finds resistance at 200 day EMA
- & falls again
Given the chart setup
- likely short term target 269-278
- & if we seen rejection on any bounce then the target over medium term looks likely to be around 220-196
Take care & safe trading...!!!
CMP 256
Observations
- trading in ascending channel since Feb 2016
- currently at lower end of channel
-trading below 50 day EMA
- trading below 200 day EMA
View going forward
Scenario 1
- stock is at major trendline support & if the stock holds on to current level then
- the stock may see a bounce towards either 50 day EMA currently around 278 or max towards mid red line of channel around 295-305 levels
- and then we may see a bigger fall
Scenario 2
- The stock breaks past the channel support
- takes support around green line (around 244)
- on bounce finds resistance at 200 day EMA
- & falls again
Given the chart setup
- likely short term target 269-278
- & if we seen rejection on any bounce then the target over medium term looks likely to be around 220-196
Take care & safe trading...!!!
Trade closed: target reached
WowieThe stock took support near green line and has bounced back as was suggested and has made a high of 316.95 so far and is currently trading at 303 levels...
So far has panned out exactly as was predicted that the stock may move towards 295-305 levels....
Consider booking profits on long positions
Going forward If we see rejection here, we could be heading south once again in medium term...
Take care & safe trading...!!!
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