Recent bullishness and last week close above 350 levels in SBIN warrants more attention.
325 to 350 region has been a zone of uncertainty with many failed breakouts.
It should be noted that ATR during last week was around 18. The stock moved into a historical supply zone with 2ATR move of 35 pts. This calls for caution.
The current sharp move upwards was supported by overall market exuberance rather than stock specific trigger. Weekly close should be taken with a grain of salt since the event was towards the end of the week.
A comfortable close above 360 levels on Monthly time frame is required before adding to your high conviction Buy List.
With close at the resistance level of zone of uncertainty what is your take now ?
AkhilSuryaFS
⋅
@surya89trade, Resistance holds as the close was just on it. Unless there's a strong break above the resistance, our view is that it's still not the time to go long.