Simple Trade Setup | SBI BANK [SBIN] | 16-06-2022 [INTRADAY]

May 15, 2022

SBIN

Observations:

1) On 1Week time frame, we can see it has formed kind of Head and shoulder pattern.

Please refer below chart : 1week time frame.


Immediate support is at 440 level.
Breakdown of 440 will invite more selling.

2) On 1hr time frame, it made rounding top pattern.

Please refer below chart : 1hr time frame.

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Trade Setup for 16-05-2022

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.