SBKFF trade ideas
State Bank of India [Daily]Support line broken. Will either struggle to come up or fall by 8-10 points tomorrow.
Weak on the weekly TF and it's struggling to stay afloat on the daily.
Suggestion: Watchlist for now!
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Remember, if the overall market dips, most stocks will also go skinny dipping.
Happy Trading!
EWT Correction Wave - SBIN - New lifetime highs soon 🚀Hi Traders, Here is a detailed analysis on SBIN which has been following Elliott Wave Correction Theory, on 1h, We are currently experiencing Wave B and we have to enter at the beginning of Wave C i.e. near 480 levels. Pls refer to the above chart to notice characteristics of each wave. Also SBIN has been following a strong uptrend, we can see it is taking support at the same trendline that it has had been following since November 2020. Also we have turned a major supply zone into demand zone and we are also at a 0.618 fib retracement level aka golden zone. Now we have witnessed many confirmations. Let us moon together. Happy Trading 💹E
SBIN bullish movetrend and pattern analysis
1- breakout confirm at steep trend line
2 - multiple retest and supports at support location (yellow arrows)
3 - resistance turned support (red arrows)
generated area of high confluence, expected to move down till confluence area and take up from there.
check levels on charts
SBI Channel BreakoutTrade -
Entry: 477.5
Stop: Below 466.5
TGT1: 495
TGT2: 512
SBI has given a disjoint channel breakout likely ending the downtrend as the stock had been under pressure from last few days given its weight in Nifty. The breakout offers a perfect long entry opportunity with a good risk reward setup.