After a huge upmove from 232 to 289 levels, SBI
SBIN
entered into a consolidation zone for a month.
However, I can see that it has bounced back strongly after retracing 61.8% of the previous rally and has formed a Bullish Engulfing candle.
Looks like it is all set to begin next phase of rally after retracement.
Good opportunity to go long here with a stop loss of 250.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
SBIN
entered into a consolidation zone for a month. However, I can see that it has bounced back strongly after retracing 61.8% of the previous rally and has formed a Bullish Engulfing candle.
Looks like it is all set to begin next phase of rally after retracement.
Good opportunity to go long here with a stop loss of 250.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.