STATE BANK OF INDIAShort
state bank of india looks bearish in short term to medium term
Updated
head and shoulder pattern formed with a neck line around (281.5 - 280.5) level, which was a strong support also, which got broken later. Now price is retesting the broken level.
Here the pattern tgt - 256, and sl should be just above the right shoulder - 296.5 .
Here the pattern tgt - 256, and sl should be just above the right shoulder - 296.5 .
Trade active
cmp - 283.55, in daily time frame, bearish engulfing is formed at trend line resistance, looks bearish. Trade closed manually
Looks like the underlying sentiment is changed from bearish to bullish, close above right shoulder will result in pattern failure
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