SBKFF trade ideas
SBIN: Impulsive Wave 5 has Already BegunSBI BANK has given a breakout of the 13-month-old Correction. RSI is above 65 , and the price trading above 200 EMA.
At present, SBIN has accomplished the corrective wave (4) and started forming an impulsive wave (5). Price has already crossed the 1.00 Fibonacci extension of waves (1) through (3), so our next target should be Fibonacci's extension of 1.618%.
Wave 4 was a choppy move as a triangle. As the price has crossed the 1.00 Fibonacci retracement, safe traders should wave for a pullback.
If the price sustains above 442 , traders can trade above the following targets: 555 - 566 - 575+ .
Invalidation: The 540 level was strong resistance, but now it is a crucial level. Failure of stability will deactivate this setup. Please note that we can't trade without proper risk management. The absence of risk management can wipe out your whole account.
I will update further information soon.
:)
SBIN case studyCounter is trading in ascending parallel channel structure, few days ago on result day counter gave a gap up opening and now counter have filled the gap,, now closing below 593 would lead to reversal confirmation,
so sustaining below 593 on closing basis and follow through would lead to levels of 579 and 551
going a head,,
if not able to close below small bounce can be seen..
keep watch on levels for this counter
Journey from 150 to 615 How it happenedSurpringly many of Market hypothesis works , but when it works its works in its own strange way
We have been Experiencing the Wave Theory hypothesis in our lives with Grate understanding and results
it does mean that we also experience Grate failure due to complexity of wave theory which i will Explain in another time
This stock we found interesting with grate amount of Negative sentiments when it fell to 150.20 ,
Majority of the time Market makes turnaround when there is bad News , and it did in this stock case also , Fundamentals ware bad and banking Indutry was in
grate risk of collapse ,
I also believe market makers use this kind of opportunity to accumulate the stocks only to Push in the direction of their intrest
I am attaching a chart of my previous post hope you will find it interesting and Knowledgeable
Good luck