Sbinanalysis
SBIN bullish movetrend and pattern analysis
1- breakout confirm at steep trend line
2 - multiple retest and supports at support location (yellow arrows)
3 - resistance turned support (red arrows)
generated area of high confluence, expected to move down till confluence area and take up from there.
check levels on charts
State Bank of India (SBIN): What to do in times of correction...Currently State Bank of India (SBIN) is under pressure and its price action points to a correction, and its 50 day EMA was breached at 486.
Price violation below the trendline around 466 would create downward pressure. And the stock might test 456 and 438, which are 100 and 150 day EMA respectively, if weakness in the stock persists. However, these levels can also act as turning point, supported by chart structure, indicators and technical analysis.
RSI has broken the level of 60, so need to watch.
Relative Strength is still positive and above zero line. Would be cautious if it slips below the zero line.
However, amidst the current scenario, I am bullish on this stock in the long term and think this correction would make the stock attractive. But please also keep in mind the trajectory and the technical parameters of the stock and make an informed decision based on it.
SBIN SHORT-TERM SWING TRADE!Hi everyone, Sbin short term swing trade consider buying CMP 507 or above 516 targets 525 & 532 stoploss 495.
LOGIC BEHIND TRADE : Stock is trading on it`s hourly support & good oppourtinity to buy from support (505-503) stoploss only 5 points and targets identified from harmonic xabcd pattern levels 0.886 & 1.131 stock can correct little from static resistance 516 agressive buyer can consider buying from support & safe buyer can buy after stock sustains above static resistance. NSE:SBIN