AbhishekHSinghCMT
Short

SBIN - Butterfly in Stomach- Feeling Nervous@278

NSE:SBIN   STATE BK OF INDIA
I knocked your door several times@259 - If you missed me - you missed me! - Let me become history because I was mystery

28th May 2018 Update - I knocked your door@259 - you miss me I shall come back again


________________________________________________________________________________________________
29th May 2018 - Interim Update - Above 275

Trade active: 08:57 Hrs 29th May 2018

Last Price@272

Good Morning!

No buy trades in later part if 259 fails to provide support - Above 275 higher resistance zone could be 278-280

___________________________________________________________________________________________________

Turning exactly from 278-280 as expected on 29th May 2018 & when it came in the zone of 278-280 - SBI started having butterfly in the stomach - started feeling nervous & SAD ( Social Anxiety Disorder) as should I be a part of the event which could unfold in next few days. So, what are the events which could make me nervous. I am not aware -if you are aware -do let me know in the comments!

Bearish Engulfing Candlestick pattern ( Bearish Pattern ) on 4H chart between 278-280 can be initial clue for upcoming sad events.

Bearish Butterfly Harmonic Pattern has D point extension to 127% & can extend to 141 - 161.8% - In our case it is 141.8% another bearish clue which falls in 278 -280 zone


Trading Strategy

Plan 1
If you get a bounce in 275 -277 zone -it holds & starts falling below 275 look to sell keep stops above 277 - Targets 259 - 238 -232

Plan 2
Facing tough time to cross 274-275 zone -Look to sell for targets 259 - 238 -232

Note - No selling if it moves above 280 & holds above 280 - Pattern will be invalidated.


Trade active: 10:49 Hrs 12th June 2018

Last Price@277

We got the bounce as expected above 275 - If it starts falling below 275 we will sell as per plan 1 suggested above
Trade active: 10:58 Hrs 12th June 2018

Last Price@277

278 is again getting respect on top - keep an eye !
Trade active: 12:33 Hrs 12th June 2018

Last price@279.75

Going above 280 - It can touch 284-285 as target which is little risky so only risk takers can go long with stops below 278 else we will wait to sell at market shows the way downside.

My Bad - Pattern is not invalidated as butterfly patterns can extend to 161.8%
Trade active: 12:57 Hrs 12th June 2018

Last Price@279

Risk Takers you should attempt to buy here when it came close to 278 - as our stops in risky buying was 278 - you shall lose 1-2 points which should be ok for upside target of 284-285 - If goes below 278 - we will wait & watch to sell.
Trade active: 14:40 Hrs 12th June 2018

Last Price@281.10

Holded 278 on downside & pushing upside for 284-285 -whatever you get should book for intraday & go home & relax.
Trade active: 15:16 Hrs 12th June 2018

Last Price@282.55

Slowly & Steadily moving into 284-285 zone as expected - Enjoy for the day & Fall shall start next once it starts falling below 278 - 275 levels.
Trade active: 15:21 Hrs 12th June 2018

Last Price@283.65

Day High@284 ------------------ It is 284 ----------------------------------
Trade active: 09:29 Hrs 13th June 2018

Last Price@284

Day High@285.60

Expecting a fall but have no confirmation as it is too early
Trade active: 11:01 Hrs 13th June 2018

Last Price@287.80

As updated to a colleague few mins back - "Expecting a fall but have no confirmation as it is too early" - even though I am expecting a fall - I have no confirmation from markets. If you are planning to long -you can depending on your risk. We have bought SBIN at 259-262 zones that was the zone to buy with good risk reward. At 285-287 -Risk Reward is not favorable.
Trade active: 06:43 Hrs 14th June 2018

Last Price@288

Good Morning!

Patience is always important in trading & you have to wait for to know how the pitch is going to behave.

We left small bit above 285 - not interested as we might be interested in something else that is the reason I was on sidelines.

Going below 285 Next - We are keen along with markets for suggested levels in the post - 259 -238 - 232

Have a nice trading day.
Trade active: 09:36 Hrs 14th June 2018

Last Price@284.80

As I suggested earlier pattern is not invalidated until 161.8% extension of CD leg which is last PRZ (Potential Reversal Zone) for Butterfly Harmonic Patterns & Weak or Bearish Candle in 285-286 zone is the initial or early clue suggesting that pattern may work.
As precaution do not take sell / short trade if it holds above 285.

Pattern Invalidates above 290 - We close the update. Thanks & have a wonderful trading day.
Comment: 09:39 Hrs 14th June 2018

Last Price@283.60

SBIN Picture at 09:24 Hrs

Trade active: 14:05 Hrs 14th June 2018

Last Price@283

SBIN - Below 285 is in short term bearish mode & could slip to 279-280 zone which was earlier key zone.
Trade active: 08:35 Hrs 15th June 2018

Last Price@282.60

Good Morning!

Next sell should be taken below 280 levels - Holding 280 -281 as support zone -it will spend some time -possibly may attempt to go close to 284 -285 zone where it may face resistance back.

Have a nice trading day.
Trade active: 10:59 Hrs 15th June 2018

Last Price@280.70

Recent Low @280.10 - As suggested we will sell only below 280 levels - earlier it went close to 284 -285 zone - Recent High was 283.40
Trade closed manually: Thanks
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Sir, what is your view on current price ? Will u suggest sell call in SBI at this level for 259 target? or will it correct tomorrow ?
Reply
@anacad8, Unfortunately when I close the update. In most cases I do not follow the stock. When the update is active - very few people support & express their opinion on published idea.
Reply
with US fed hiking rates, today we may have a down day. BN expiry day and max pain is at 26600 indicating where the expiry may take place. Hence SBI may come down as per your expectation...after expiry, I think BN may go up..to 27k levels..
Reply
@Gururajr, Let us wait & watch. I move as market moves. after "price" is god
Reply
am also waiting to short and seeing all time frames..
Reply
are you short or long?
Reply
@Parasuram, No position - just waiting on sidelines.
Reply
@Parasuram, Infact I have updated above at 09:29 Hrs -

"Last Price@284

Day High@285.60

Expecting a fall but have no confirmation as it is too early" - even though I am expecting a fall - I have no confirmation from markets. If you are planning to long -you can depending on your risk. We have bought SBIN at 259-262 zones that was the zone to buy with good risk reward. At 285-287 -Risk Reward is not favorable.
Reply
Superb analysis and excellent call Sirji !!!!!
Reply
@ShanTrader, Cheers!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out