Trade ideas
SBI - More than BullishBuy only above white Line, which is high of previous swing. Yesterday's Volume more than 13M.
For execution please remember all the level which I mention here are only on closing basis i.e. at least 3 candles of 1H each should close above this level and use Williams %R, SMA, EMAs.
At present in 1H Chart 200SMA is above 100SMA.
I am not a SEBI Registered Analyst. It is just for educational purposes. Please consult your financial advisor before making any investment.
a correction in impulse / correction in SBINElliott Wave Analysis
1) Impulse Wave:-
there is a chance of 3rd major wave ending and the 4th impulse wave is taking place.
after a fall we can accumulate.
2). Corrective Wave:- (complex correction)
A correction wave had completed and now the connecting wave X is forming may be the next wave can be a formation of Y or a complex correction.
SBIN Daily looking bullishSBIN daily looking bullish, taking support from 200 ema, last swing low support.
Good to buy at 567 for target of 621 with sl below 554
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The stocks discussed or recommended here, may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position.
Evening star in SBIN, can it take stock lower?SBIN has given a fall of 7% in this week after forming a double top pattern.
An evening star pattern has been formed on the weekly time frame and stock has closed below the 20 ema.
After trading around the ATH stock has given a nice fall and in the last trading session too it has given 3% fall.
Volume indicator also confirms the pattern as the volume of the red candle is higher than the doji candle formed previously.
A short trade can be initiated in the stock once it starts trading below today's week low. The stock can test 550 levels so as there are high chances of froming lower lows lower highs.
The stock may take a halt candle on the daily charts, as it has formed 4 red candle and is trading between both the moving averages.
If the stock retest higher levels before giving another bearish leg, sell positions can be created once there is a negative candle formation near golden ratio of fibonacci series.
Entry :- Below 571, On bearish candle around 600 levels.
Targets :-555, 505
Stop losses should be created on 1:2 or 1:3 basis.
Positional trades can be initiated in the stock as it may take time to test the levels. Next expiry future or options can be sold as August expiry option will take profit due to time decay.
Wait for the price action near the levels before entering the market.
SBISBI as per me upcoming days are bullish take the support 568 area and make a down break out it can lead to a false break out and take support area 554 area, then again rise .
so as per me stop loss below 554 area target 622 open target, minimum 70 80 points above 630.
This as per me just once cross-check your analysis.