sumitb2015

SBI Beaking Upward channel. May test 38.2% retracement level

Short
NSE:SBIN   STATE BK OF INDIA
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1
SBI is entering a congestion zone and a strong resistance at 265 levels.
It is also taking a support at the 23.6% retracement.
But it may break and go below this to test the 38.2% retracement levels which is at 225.

Go short now. Or can wait till 243 levels to get confirmation that the price is going below the 23.6% retracement levels.

Target = 225
SL = 270 (which was the recent highs)