Trading-With-A

SBIN short on trendline resistance on 15m chart

Short
NSE:SBIN   STATE BK OF INDIA
SBIN short entry below 430

target 1: 424
target 2: 420
sl: 434

Sbin is already on short with pullback upto neckline at 430-431 on head and shoulder pattern.

We see SBIN here to follow downward trend line from here.
Trade active: bang bang,we are trading now at 427
Comment: Our Trendline resistance did hold for the down move
Trade closed: target reached: Our target 1 424 is achieved
Comment: Sbin made low of 422.15 from our entry.
Trade closed: target reached: Bang Bang.
Our target 2 420 is achieved
Comment: As our both targets are achieved we will look for downward move until we see a reversal for upside.

The next plan is to wait for SBIN to retrace and then Short again.

Till then we have achieved our targets.

Comments

is it good to invest in this stock for short term ? (Entry @420rs) ?
Or wait for the stock to come down ? Thanks in advance
Reply
Trading-With-A syamgogineni999
@syamgogineni999, Sbin is in downtrend now, its price will retrace upwards, but don't long until trend changes to uptrend again.
Because any retracement will be followed by down move again. Better is to trade in direction of trend.
Reply
Sbin made low of 422.15 from our entry.
Reply
Our target 1 424 is achieved
Reply
Nice momentum on downside from trendline.
Reply
Overall Indian market is seeing some pressure.
Reply
As of now ,It looks like trendline resistance will hold for a down move.
Reply
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