Daily Chart
Reversion to 20 EMA (6th time). Strong short term and medium term trend
Previous resistance at 254
MACD has remained overbought during the up trend
Next Earnings on 10-Nov-2016
Weekly Chart
20 EMA crossed above 200 EMA
Previous resistance between 250-254.
Analysed this stock on 2 Sept when it was closed @ 952.
Tried buying next trading day but bad luck it was in ban period.
Volumes, MACD, OBV & ADX positive.
Target 1 - 1183.80/
Nifty -0.28% is now in overbought zone -- The immediate target on upside is 8990 which Nifty -0.28% might touch by tomorrow.
Other major markets are not moving up i.e. a small correction is on the way !!
MACD & RSI - are overbought
On Wave count : wave 3 of Wave 3 of wave 5 is about to end !! Expect Nifty -0.28% to once again touch 8720 approx !! And then the...
SBI is about to complete a 5 wave bullinsh cycle in an ED. One can look for shorting options as already it has made the high of around 270/- in the wave 3 of ED which corresponds to the 100% projection of wave 1 in the bigger cycle. Can the correction be a zig zizg ? Let's wait and watch. Also MACD has already started showing the bearish divergence.
