RoopeshSingh

SBIN Cup and Handle Pattern, Two Fib sequences merging, Long

Long
NSE:SBIN   STATE BK OF INDIA
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.

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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.

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