In SBI, we have perfect-potential cypher formation if all goes as expected we will be getting reversal around the 305's zone to downside. RSI also looks bit oversold but on cypher completion it may go well above current levels.
Aggressive traders can enter Right on touch of 305's zone
Conservative traders look for additional setups in the zone or an reversal ...
head and shoulder pattern formed with a neck line around (281.5 - 280.5) level, which was a strong support also, which got broken later. Now price is retesting the broken level.
Here the pattern tgt - 256, and sl should be just above the right shoulder - 296.5 .
We already had failed setup on SBI, during RBI day though we caught the direction of breakout right, markets later moved up clearing our stops & eventually went far more than our targets. This happens all the time, but what we feel is SBI doing it for you alone, No it isn't so.
Right now, we are having triangle formation,
i) As 282's zone retest expected, we can ...
We do all kinda stuff..And why on earth we are choosing a riskier scrip SBI on RBI day ? Bcos, we know our Risk, We Define our risk, We know how much we stand to lose in that risk, so that helps our trading plan.
Here there was bearish momentum on hourly SBI and its ranging for sometime, so eventually Bearish breakout expected, I will be taking this trade on ...
Symmetric Triangle on SBI and it may break either side. one more formation called falling wedge ( combine with orange and top yellow line but it will break on top ( bullish). Moreover SBIN currently lying on Strong support and statement - MAKE or BREAK
Levels for Long: (Make)
Level 1 - 259
Level 2 - 265
Level 3 - 273
Levels for Short: (Break)
Level 1 - 233
This stock is currently mildly bullish, though it has remained range bound between 250 and 275 levels. The relative strength vis-a-vis BSE shows that stock has underperformed the index consistently over the past 5 years. The relative strength however confirms an upward trend of this stock and therefore dips may present good buying opportunties. With consolidation ...
From the SBI chart you know the direction I expect and its ready for breakout. Why Gap up ?? if you are wondering why, if a gap happens you will miss out the trade which will hit targets & you will be scolding yourself for not taking trade on friday evening.
Anyway, only if you are willing to risk over two days then check with your plan & trade this SBI ...