ParamjitMahapatro

state bank of india looks bearish in short term to medium term

Short
NSE:SBIN   STATE BK OF INDIA
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 .
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