Sbinlong
SBIN SWING TRADEAfter a long streak of downfall, SBIN has finally taken recovery from an important support . After breaking an important resistance SBIN can become a beautiful short covering trade. This is a swing trade and not an intraday trade. SBIN could continue its up move even after the 3rd target and could be chased further by trailing stoploss. The immediate stoploss after entry should be maintained at the 50 ema .
SBIN Cup and Handle Pattern, Two Fib sequences merging, Long SBIN has been consolidating for past two months, and has formed a Cup and Handle pattern (take a look at the chart). Also it has been following a trendline, shown in the chart, currently trading near this trendline. Testing Fib level 1.618 of two distinct trends of past. Interestingly, the height of cup & handle pattern coincides with one of the Fib level (shown in the chart). Looks good for a long journey. Everything else is self explanatory, look at the chart.
All events are merging and I guess SBI is looking for a trigger to reach 550 target. Can the Q1 2021 result prove to be that trigger ? Technically, long trade is sound for target up to 550. Long above 446, Stop Loss 405.
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SBIN long on hold of support on 30m chartSBIN long entry above 620
target 1: 428
target 2: 432
sl: 416
Sbin is on channel line support, we expect this to hold, as we have seen pin bar at our support.
We can take entry now at 623, or wait for a small pullback till 620.
Maintain strict sl, any break of this channel line will be a sharp fall in sbin.
SBIN Setup I know my charting some times gets complicated because I very much use every technical analysis tools and some theories of #Gann and #Fibonacci.
This is a very simple Setup for tomorrow with the confluence of resistance in the trade. Buy once it's broken. Don't short #PSUBANKS right now.
Thank you