SBILIFE looks to have broken above the rising wedge pattern & also a consolidation channel. Next significant resistance is around 960 followed by 1000. So the stock can be bought for target of 960 & 995 with a stop of 868.
Note: This is for educational purpose only.
There seems to be a bearish engulfing near resistance. There is not so high volume though to support this bearish move. There is a bearish trend line breakout in RSI as well.
Fundamentally strong, SBI Life went through an unwarranted correction during the pandemic.We have been buying at lower levels. Now, the price is at a nice resistance zone which it had tested on 2 previous occasions and finally closed above the level today. It has been making a series of higher lows. Last few days has seen a spurt in volumes. Multiple...
The crucial level on Fibonacci of 61.8% i.e. 762 have been tested several times but couldn't hold above it.
It is expected to see a breakout above 790 level which is very important to break for an uptrend.
The buy call has been called above 790 for the target price of 900 which can be achieved soon.
Expected Upper Breakout
1. Expected Breakout in Daily chart
2. Breakout in OBV
3. More than Daily Normal Volume
Long SBI Life for a target of 840 and 880 in 10 to 15 days.
SL around 735