Trade ideas
GO LONG ON SBINThis is swing trade
The has reached to a important level according fib retracement
The stock can futher can go down in worst case scenario upto 575 whnen banknifty will take support from 42000 or test the levels .
fib rectrament is at .618 which is golden ratio the target will be 660 which is next ratio
This is for educational purpose
SBIN : +4% Upside PotentialSBIN 13 Dec 2022
Stock is in a consolidation zone for the past week, likely BO from 619-620
Summary
CMP 615.80
A week of consolidation
Price compressed
Nice Big Bull candle at closing
Conclusion
Trade can be initiated for 1:3 Reward with stop below 609
Potential Swing Target 630/640/645
Wish You Happy & safe trading
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Always Respect Risk"
Happy Trading
Jai Hind Jai Bharat
STATE BANK OF INDIA - DAY CHART - 12.12.2022 - BAHAVAN CAPITALSTATE BANK OF INDIA as per Day Chart Analysis have chances to move uptrend Stock ABOVE 620 TARGET 623.
As such Nifty is in Downtrend Mode up to 18325 to create fresh demand and Bank Nifty is in Uptrend Mode.
So trade carefully for this week.
Happy Profitable Trading to All...
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.
:)