SBIN Long for Swing PositionOverview: SBIN has been in a downtrend on the 4-hour timeframe but recently bounced from the key support level of 775. The price faced strong resistance at 795, which was a critical level for any upward movement. However, SBIN has now broken through this resistance with solid bullish momentum and has reached 805. This former resistance level is likely to act as a new support if the price comes back for a retest.
Trade Plan: Keep a close watch on the 795 support level, especially on a lower timeframe like the 15-minute chart. If the price shows bullish signs around this level, consider buying a small position and holding it for a potential swing trade. The target for this trade would be 900 or higher. On the other hand, if the price fails to hold the 795 support and breaks below, the next area to watch would be 774. If bullish signals appear at 774, it could be a good opportunity to add to the position for another swing trade. However, if the price continues to decline and doesn't hold this level either, it may be wise to wait and look for a better entry at 726 or exit with a stoploss below 775.
Conclusion: If the swing high of 805 is broken, open a long position with the trading plan mentioned above. I'll keep you updated on further price action as it develops.
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