State Bank of India analysis on a daily and weekly timeframe
Updated
State Bank of India Analysis
123 Trend change confirmed on 9 July 2020 upon the penetration of 8 June 2020 candle. According to Trader Vic method, long position can be taken here with a stop loss below 22 May 2020 candle.
We can see an inverse head and shoulder pattern forming, so we can wait for it to break to enter the trade safety. On 12 August a strong break with high volume. Traders who take breakout enter here. I wait.
Note how the prices are now contracting (consolidation), hoping to break above, forming an ascending triangle. RSI is strong and takes the support of around 50. Prices above 20 periods moving average. Volume decreasing making a strong case for ascending triangle.
Overall, a bullish case with the entry above 207.51. Stop loss based on your risk level.
First target 231
Pattern target 249
Third target 294
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123 Trend change confirmed on 9 July 2020 upon the penetration of 8 June 2020 candle. According to Trader Vic method, long position can be taken here with a stop loss below 22 May 2020 candle.
We can see an inverse head and shoulder pattern forming, so we can wait for it to break to enter the trade safety. On 12 August a strong break with high volume. Traders who take breakout enter here. I wait.
Note how the prices are now contracting (consolidation), hoping to break above, forming an ascending triangle. RSI is strong and takes the support of around 50. Prices above 20 periods moving average. Volume decreasing making a strong case for ascending triangle.
Overall, a bullish case with the entry above 207.51. Stop loss based on your risk level.
First target 231
Pattern target 249
Third target 294
If you like the analysis and tutorial, please donate coins :)
Thanks and good luck!
Trade active
Finally, stop entry order executed with an anticipated break on 25th August 2020.Comment
SBI performing very strongly :)Trade active
First target achieved. Can sell some lots here.Trade closed: target reached
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