SBI Life Insurance - Ascending Triangle Breakout on WEEKLY chartSBI Life Insurance Company Ltd. Was in a consolidation for last 9 months since 27th July 2020. This consolidation is characterised by the rising resistance line as well as rising support line. Price gave the upward breakout to the consolidation on the weekly candle (Week 3rd May-7th May) and closed at Rs.1,000.25 with massive volume support. I anticipate the price target of Rs.1,145 and suggest the stop loss at Rs.959 to be followed for the first four weekly candles after the breakout candle. Thereafter, the profit booking/ exit decision should be based on the achievement of the price target or downward crossover of 26 EMA by 5 EMA. The price target is expected to be achieved in 5 months after the current breakout candle.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.
