I have applied the Elliott Wave Pattern. The third wave is including a contracting triangle, and the fifth wave is including an ending triangle. Hence, the State Bank of India's (SBIN) cycle of the corrective wave started after the fifth wave.
There are two scenarios if it crosses 61.8% , C will be around 205 , and if it does not crossover the retracement level...
SBI has underperformed compared to Bank Nifty. It is likely to expect that we can see some good momentum in SBI in the coming weeks. 225 is strong resistance as of now. This stock is certainly not a pick for the long term horizon.
CMP - 200
Target - 225
Position Type - Swing
State Bank of India at ₹100 ? This is a very real possibility if the elliottwave pattern on the long term SBI charts indicated above are right. As can be seen, the 2015 - mid 2019 overlapping but upward titled move can be charted to indicate a long term ending diagonal. The subsequent downmove is clearly impulsive and has now just completed the 4th wave upward...
Probably Going upwards soon... May be it's Morning Star Pattern which indicates Upward Trend and Share will go up soon... Target : 225-230 (1-1.5months), Don't take trend based on this... Just for information and I'm not expert just learning and try to improve myself
STATE BANK OF INDIA (SBIN) has breakout of range consolidation, Stock today on August 2020 breakout of Rising Wedge patter as marked on the chart. We can see levels upto 248- 250 in the next 2-4 months. One can Go long with the stoploss below 188 on Weekly closing basis.
SBIN broke again 200 levels on friday. It is again and again hovering around 200 levels.
We can use trend lines, Support and resistance levels drawn on the chart to initiate intraday positions around those levels.
Spotted Head and shoulder pattern on SBIN.
Not seeing the uptrend unless it breaks the Supply ZONE. It is now too conjusted to break,
Even on Hoursly Time Frame it is bearish.
LongTerm Trader can remain Invested 180. however if it goes down , move out from the stock.
Also if you notice too much conjestion now, near the right shoulder
On a 4 hour chart...
Although the right should is complex one but this Head and shoulders has a volume confirmation to it. The triangle formation tells that it can move either way. The targets are indicated by the green horizontal support/resistance lines.
Note: Not a financial advice.
Hello Traders, this one is positional trade strategy.
SBIN is trading at verge of breakout level. Its above support line with no trend reversal signs, but far below resistance.
If it picks momentum and breaches 202, be prepared to reap profits. Enter/Buy the stock which is on journey to 244. On crossing 248, it will head towards 280.
These levels are expected...