nalinakshi

Bullish deliberation pattern seen on weekly chart.

NSE:SBIN   STATE BK OF INDIA
The deliberation pattern can occur in both bull and bear markets. This pattern is formed by two long white (or green) bodies that are then followed by a small white (or green) candle. The deliberation pattern can resemble two other candlestick patterns, depending upon whether it is bullish or bearish in nature. The bearish deliberation pattern resembles the three black crows and the bullish deliberation pattern resembles the three white soldiers formation. It is important to note that the bullish deliberation pattern is a weaker pattern and is less popular than its counterpart, the bearish deliberation pattern. Many don’t use the bullish deliberation as a true reversal pattern but rather to signify a short-term price change indicator.
NOw if we think sbin has broken out of the range from 308 then 327forms the 50% Fibonacci retracement, so there is strong support in the price of 306. 61.8% retracement is at 322. if sbin takes support around 328.5 then possibility of this fall will stop and resume to go and test the price of 337 and 346
Comment: AS expected sbin has taken su[port around 328.05 and target of 337 achieved.
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