SBI - Long - Target Rs.370
Updated
Sbi has shown extreme weakness over the last few weeks, with recent gap downs on the daily chart. We can expect a rebound off of the current level which is its Feb 2020 High, (Double bottom on daily chart). It may drop further to the bottom upward trend line (Bold Blue) at ~315 before rebounding.
How to trade going forward:
One can buy in at the current level, with a stop loss at ~310. Book partial profits at the upper end of the channel, marked with a blue arrow, at ~340-45 levels. Hold until it breaks this channel with above average volumes and then retests this 345 level before buying more. Set trailing stop losses from there on.
Target:
#1 - 340
#2 - 370
SL: 310
How to trade going forward:
One can buy in at the current level, with a stop loss at ~310. Book partial profits at the upper end of the channel, marked with a blue arrow, at ~340-45 levels. Hold until it breaks this channel with above average volumes and then retests this 345 level before buying more. Set trailing stop losses from there on.
Target:
#1 - 340
#2 - 370
SL: 310
Trade active
Target #1 Achieved @340Trade closed: target reached
Target #2 Achieved @370 - (Previous Day)
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