Sbinshort
NSE:SBIN NSE:SBIN
#SBIN seems formed Ascending triangle and ready to BO.
Volumes not supporting for BO as per the chart,
But candles trading near to resistance level,
Post confirmation in any level (Resistance/Triangle) may decide the momentum of the stock.
Interested to trade in this stock ?
Reach me tomorrow for the levels....
NSE:SBIN LongNSE:SBIN
#SBIN touch ATH and retraced to 520 levels. Sustaining above the level creates positive momentum.
Post Confirmation can try 520 CE.
If the level not sustain and swing change to negative use 510 level as support and can try PE !!
Happy Trading !!
Today Levels and results already shared, Almost all the scripts given good results !!
Levels perfectly captured and shared for FREE Everyday !!
Swing SetupEXPLANATION : This is a 1 hour time frame chart of SBIN . It has been in a consolidate for days and has formed an Ascending Triangle Pattern . If give a strong breakout and broke its supply zone with high volumes and retest the same , I am bullish on SBIN , I am expecting a target of more than 7 % here . If give a strong breakdown and broke its trendline support & demand zone with high volumes and retest the same , I am bearish on SBIN .
If you like this analysis give a Like // Follow for more updates , let me know in comments below :)
Double Top Pattern on SBIDouble Top, a bearish reversal chart pattern explained
What is Double Top Pattern ?
NSE:SBIN
Double top is a trend reversal chart pattern formed after good bullish price move (a continuous price move for a good duration) where the upward price movement looses its steam (first top) and it retraces a bit (to neck line or mid point). Then again it moves in direction of original trend and reaches the first top level there by forming second top. It again cannot move above first top and start moving to neckline. Once the neck line is broken its fall in price is steep.
Understanding Double top in details
Double top is formed when the stock moves up for many days and the movement is steep towards the end. And then it falls from there by about 10-15 %. After this it again tries to move up and reaches level of previous high but cannot cross its previous high. After this it again starts falling to a level of neckline. Once it retraces below neckline a downtrend starts.
A image representing Double Top Chart Pattern formation
Please note that in actual practice, the two top may not be exactly at same level. Generally, second top is a slightly lower level but 1-2 % higher then first level is also acceptable. A significant higher second top may be dealt with lot of suspicion as it may indicate continuation of uptrend.
Volume in double Top has a lot of significance as it can help to confirm formation of the pattern. Volume during first top should generally be much higher than volume during second top formation and volume during midpoint formation should be much lower than volume during neckline break out. Please avoid aggressive positioning when volume is not supporting the move. For aggressive traders a strict stop loss is recommended.
It is very fairly common to see a pullback near to neck line after formation of the pattern. It should generally be seen as a healthy thing as it gives better confirmation of neckline as resistance. In some case the pull back may happen few times. If this happens too many times then it may not be typical double top pattern. In case of pullback, it is recommended to keep a stop loss of about 3% above neck line.
SBIN short on break of neck line on 15m chartSBIN short entry below 430
target 1: 424
target 2: 420
sl: 432
Sbin has broken below neckline of 430, we can take short entry from here for target of 424 and 420. We can take entry now at 429 or wait for pullback upto neckline at 430.
There is previous Monthly high of 427.7 which will give some support. Below it we can see fast movement towards our targets.
SBIN Analysis- Buy And Sell Levels SBIN Buy
Buy- Above 373.5
SL - 370
Target- 376 380 385 390
SBIN has given a decent correction . we are going to capture the retracement of that fall. Buy from the given levels. Also be ready to short from 387-389 in intraday.
PRZ SELL
Short @ 387.5
SL- 390
TARGET- 385 380
Follow Us || Do Like this idea ||
You can also check the below related trading ideas and my personal trade setups.