SBI is entering a congestion zone and a strong resistance at 265 levels.
It is also taking a support at the 23.6% retracement.
But it may break and go below this to test the 38.2% retracement levels which is at 225.
Go short now. Or can wait till 243 levels to get confirmation that the price is going below the 23.6% retracement levels.
Target = 225
SL = 270...
Strategy-1 (Long)
IF SBIN moves above 256.50-257 zone, which was rejection zone yesterday- can go to fill the gap area between 264-265 once it gets activated -one has to put strict stops below 253 as the markets could be volatile.
Going Forward unless we get a close above gap area - we will maintain the bearish view in SBIN & open with downside target as...
SBI has began its final wave 5 of the ED. During this time one can be long on SBI till a level of 275/-. After which one can expect a corrction to around 230 levels. Once can also notice the divergence in MACD.
If the neckline gets broken - measure the vertical distance from head to neckline which is shown as the 21 point range.
Now Duplicate that 21 points below neckline which comes to the zone 230-240 as the ideal target zone for H&S.
Regards,
Abhishek H. Singh, CMT
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.
The price action on weekly chart forming a small uptrending channel that might get a breakout next week. Put it on your watch list as the breakout shall provide good returns.
Also consider the channels formation as educational example. Try building your own as it is easy to form and effective in use.
Trade with care,
Appreciate your support.
Regards
SBI in 15min charts is ranging for few days same as its big brothers Nifty and BankNifty. Atleast SBI was kind enough to show us the triangle pattern and gives us setup for Breakout. Now, if you throw a stone in Markets, it will be forming breakout patterns only, except few. That much ranging going on. All just for Fed meet on Sep 20-21, as usual this meet will...
If any of you thinks that your money gets multiplied in Savings Account / Fixed Deposits with SBI, its Myth. But there is another way to make money with Banks... Obviously, thats what we do... Trading !
Simple Elliot wave with examples of how to trade elliot's effectively, thats what we are going to look at.
Past Setups :
Flag in Wave 1 - Gap Up open we lost 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.
It is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels.
As per technical pattern...
Neckline of this head n shoulders pattern is about to get breached and SBI is just hinging on slight support zone around there. We don't know how the markets gonna open today & Nifty also plays a part in opening,so it may be repelled up or can breakdown.We will enter this trade setup only if SBI has valid bearish close below 254 and when the price pierces into the...
Monthly Chart
State bank of India has completed triangle on a larger degree...bounce from 145--148 zone was the sweet spot for buying the equities.
In traditional analysis, C & E-Wave formed Double bottom....So, once D-Wave top@335 is taken out...SBIN will take 3rd Gear....A possible Thrust could be expected ....Up...Up..& Away....
On shorter version, it could...
New day but our frequent offender is back. Yes , its rising flag so we are expecting breakout to enter the trade in SBIN. Probably nifty will be the decider for SBI's direction today, so lets see
Happy Trading !
Its almost a month SBI is ranging completely within 223 - 235's, probably it may range for another week. If breakout happens expect that will be wild n crazy, in my opinion ( I may be wrong) - I expect there won't be any pullback. But conservative traders can opt to stay out, can enter if any pullback happens in SBI. Moreover Nifty is also caught in some...
