SBIN Cup and Handle Pattern, Two Fib sequences merging, Long
SBIN has been consolidating for past two months, and has formed a Cup and Handle pattern (take a look at the chart). Also it has been following a trendline, shown in the chart, currently trading near this trendline. Testing Fib level 1.618 of two distinct trends of past. Interestingly, the height of cup & handle pattern coincides with one of the Fib level (shown in the chart). Looks good for a long journey. Everything else is self explanatory, look at the chart.
All events are merging and I guess SBI is looking for a trigger to reach 550 target. Can the Q1 2021 result prove to be that trigger ? Technically, long trade is sound for target up to 550. Long above 446, Stop Loss 405.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
If you like the idea, be generous to like it, and share it with others. Comments and Criticism are welcome.
All events are merging and I guess SBI is looking for a trigger to reach 550 target. Can the Q1 2021 result prove to be that trigger ? Technically, long trade is sound for target up to 550. Long above 446, Stop Loss 405.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
If you like the idea, be generous to like it, and share it with others. Comments and Criticism are welcome.
Comment:
Today's (daily) candle shows indecision in the market. Volume is good. Expecting a follow-up volume.
Comment:
The news of Idea going for bankruptcy has dented the posted Idea. Lets see for few weeks to see where it will go now.