NeeteshJain

SBI - Breaks out Previous Resistance, Wave 3 Progress

Long
NSE:SBIN   STATE BK OF INDIA
It is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels.

As per technical pattern formation, you may also notice a "Head n Shoulder" pattern formation that retrace back to previous resistance level at 256 or Wave 4.

Comments

Big Winner...Nice !
+1 Reply
NeeteshJain InsiderB
Yes It did well. Unitech also did amazing well today, went up 18%. Nifty is in a good mood.
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InsiderB NeeteshJain
Enjoy the Profits :)
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NeeteshJain InsiderB
I didn't have any positions in either of them. But I'm glad it worked out well. I believe someone might have benefited from it.
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InsiderB NeeteshJain
oh... you cud have traded. Anyway, as you told it may have helped someone.
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