ICICI BANK is over extended on daily charts and has formed what looks like a gravestone doji but not sure about it thought
looks like its time for a correction. sell below todays low for 520 target. SL todays high
Reliance is tying hard to hold onto the rising trendline but slowly weakening and breaking it on daily charts
also last few days, daily tenkan san is being a good resitance for the price and is unable to cross it.
looks like a test of 20 dma or deeper to daily kijun is possible
SBI formed a bullish engulfing on wednesday exciting people to buy..and today forms dark cloud cover.. yesterday was a corrective rebound up, bulls trapped
expecting it to test 20 dma and below in the coming days for DEC series. .. 328 323 levels
ICICI BANK.. has been on a rampage and is one of the strongest stocks in the index
it has been going up in a wedge.
the wedge has been contracting and the price is still moving inside it
today the tested tenkan san and formed a hammer.
nov 5th is rbi meet and can be the time whether it gives a breakodwn of the wedge or go up for one last move up before a...
Reliance last few days after the gap up. is slowing down after a big rally.
last 9 candles on daily chart after the gap up, buy volumes are decreasing with sell bars increasing.
looks like it is weakening.
as long as it is above daily tenken san (light blue line), it might inch up but struggle . would be a good short if it again tests todays high with target 1530 1500
SBI got rejected at rejected at 352 which is also 78.6% retracement of the fall from its life highs
also broken rising trendline
it can give a rebound or continue correction. 344 would be a good place to short with SL 352
can test 330 325
HDFCBANK has formed bearish engufling on daily charts.it has failed to cross 1285 1287 four times in the last one month
1287 is also the high fromed during the corporate tax cut rally.
rsi looks like negative divergence with risi dropping but price testing 1287 and failing
Bajaj Finserv is a classical example of why divergence can be tricky.
monthly RSI has been forming lower highs but PRICE has been making higher highs..
divergence works better on daily charts, especially triple or quadruple divergence
just something in noticed. please correct me if i am wrong.
SBI is chugging along the trendline and is heading to important resistance area of 346 347
it is also 78.6% retracement of its fall from its highs
as long as the trennline holds it can continue to move up..
SBI s still holding fort. as long as it holds above 323 on closing basis, it can test 344 345 which 61.8% retracement of the previous while fall.
i would prefer to sell at 344 345 rather than buying at this juncture since it has already rallied.
ICICI BANK is facing resistance at long term and short term trend lines.
short term it is up steeply.
look for break of wedge or levels of 520s to short..
very strong stock so unlikely to fall easily