SID trade ideas
STATE BK OF INDIA 4HR Bearish Butterfly & Bat Potential reversal Zones
End of Rising Market- a narrow spread gapped up bar on Ultra High volume closing in middle or off the high having a strong bull run
AS the market is gapped up and approaching at previous resistance then this Showing its an even stronger sign of weakness.Market may rise up a little instead of falling immediately ,so im expecting price to touch zone before Reversal , as RSI ALREADY TURNING DOWN clear Weakness .so With RSI BELOW 70 Short must be on No Demand or Up-thrust after the End of Rising Market & stop loss at the previous resistance
Potential SELL
Will SBI cross the Control Price?SBI is currently moving under the control price and making a parallel channel. But because of the election, all the markets will get affected. Right now, it's trying to move upward to cross the control price ( 213 ).
If it crosses the control price, then it will touch the following levels 217.70 - 226.30 . That means the control price will react as support the same as the previous it reacted.
But as I mentioned above, markets will get affected. There is a strong possibility of a reversal. If it takes a reversal, it will come down and hit the following levels 195.20 - 192.50 . That means this time control price will react as the resistance.
SBIN 6 NOV 2020, 15 MINsbin wait for breakout for scalping either upside or down , highly depndent on nifty movement
Neutral Position on State BankTo take position it is necessary to wait either a breakout to buy or a pull back to sell ( on the yellow line)
STATE BK OF INDIA 1HRCONFLUENCE of 4hr bearish BAT & 1hr alt bat
ULTRA HIGH VOLUME for going SHORT we need LOW VOLUMES in the area of ULTRA HIGH VOLUME BAR
SET UP BECOMES VALID ONLY when RSI s below 70 and IF Price breaks ULTRA HIGH VOLUME Candle LOW with LOW VOLUMES & with NO DEMAND l.e place for short
POTENTIAL SELL
STATE BK OF INDIA 4HRBearish BAT strong zone ,price was REJECTED whenever price touched this level as there is Daily RESISTANCE LINE(Red horizontal line)& Bat Potential reversal zone ..within 3-5 price bars need confirmation with BEARISH CANDLE + LOW VOLUMES & RSI BELOW 70 then
Potential SELL
else Reversal will be from Butterfly ZONE
STATE BK OF INDIA 30MNBULLISH BAT
price need to follow Green Trend line & hit target
If price Breaks Red Trend line is where EXIT before SL hits
POTENTIAL BUY
SBI (State Bank of India) - *****Please follow, support and like this idea if it helped you in anyway*****
***This is not a financial advise***
It is a long term stock -
***it might even surpass the 450 band***
The current major support is still holding and respecting
Total of three perfect touchdowns & 4th touch down might take the market to make a lower low from the last three lower low
Some interesting facts about State Bank of India is - that it is keep making higher high every 10 years has tried many times to make a new higher high every 5 years
so next three years to five years, Sbi is can be seen trading in 250 to 350 price band area
Support and Resistance levelsSelling levels : 207 - 211.
Real Bullish above 220.
*Disclaimer: I just shared my view. Please trade with your own and comfortable ideas.
STATE BK OF INDIA 1HRBULLISH BAT
price need to follow Green Trend line & hit target
If price Breaks Red Trend line is where EXIT before SL hits
POTENTIAL BUY
SBI small dump and then pump back to 235SBI will go down to create a double bottom and then pump back up to 235.
SBI - Intraday/Very short term swingThis analysis is purely based on price action
The analysis is on 15min TF hence target can be achieved in intraday trade or in couple of days
Trade strategy is explained in image itself.
Always plan your trade & trade your plan
Keep trailing SL accordingly once in trade
Trade at your own risk and money management
Feel free to comment for any queries & suggestion
SBIN SBIN is currently in Sideways trend and current very short term mode is sell
Last day we seen series SBIN future(OCT) shed nearly 31 lakh position in Open Interest which accounts nearly -3.1 % of Total Open Interest in OCT series.
The open interest is also not increasing with downtrend, which means this is a time for caution so don't lose your chips
What you can do as buyers is to wait for the RED LINE to break. If that happens a sudden outburst is possible to happen both in volume and price.
