SBI : Mean Reversion Buy
Updated
SBI has always shown tendency of reversal towards 10/20 days mean when Stochastic was in oversold condition. This time is also no exception and we might see recovery from the trend line support of 255-256 towards 278-285 level. Stop loss would be placed below 249 which is 50% retracement level of run from 148 to 350. This run would be a temporary bounce back and trader should not expect more than 278-285 range.
Trade closed: target reached
SBI bounced from the low of 250 to 303
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.