Topic Statement:
SBIN has experienced a relatively minor correction compared to the broader market, but technical indicators suggest the possibility of further downside.
Key points:
1. The stock has corrected to the 23.6% retracement level and attempted to break below but has reverted to this level.
2. Price is near the 180-day moving average, signaling a crucial support zone.
3. Weekly RSI is at 38, indicating persistent selling pressure, with a potential decline to the 38.2% retracement level at 612.
SBIN has experienced a relatively minor correction compared to the broader market, but technical indicators suggest the possibility of further downside.
Key points:
1. The stock has corrected to the 23.6% retracement level and attempted to break below but has reverted to this level.
2. Price is near the 180-day moving average, signaling a crucial support zone.
3. Weekly RSI is at 38, indicating persistent selling pressure, with a potential decline to the 38.2% retracement level at 612.
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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.