SBI Card has bounced back from support level multiple time. In fact too many times.
Whenever it has bounced back to make a swing high, it seems buying was not strong enough to take it above last swing high overall (igonoring minor swing highs).
- There is strange consolidation near support level. It never happened in past but something is changed in stock's behavior here.
- The stock even gave break out above the range formed with heavy volume, but volume and price action did not follow through. Most likely seems to attract liquidity.
Conclusion:
- It seems like price will continue same bearish trend unless there is decisive closing above 820 levels.
- Might be sideways or might reach near life time low before going up.
Still not ready to buy for long term.
Whenever it has bounced back to make a swing high, it seems buying was not strong enough to take it above last swing high overall (igonoring minor swing highs).
- There is strange consolidation near support level. It never happened in past but something is changed in stock's behavior here.
- The stock even gave break out above the range formed with heavy volume, but volume and price action did not follow through. Most likely seems to attract liquidity.
Conclusion:
- It seems like price will continue same bearish trend unless there is decisive closing above 820 levels.
- Might be sideways or might reach near life time low before going up.
Still not ready to buy for long term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.