SBI at critical junctionSBI has taken support from .618 Fibo and faced resistance from trendline again taken support from .50 fibo level. again couldn't move past the trendline resistance. Also stock is in down trend and have taken support from down trending 50 MA
If it breaks out above trendline:
Target: 370 and 390
If it breaks below 351:
Support: 334, 329 and 312
SBIN trade ideas
Breakout with pull back observed in SBISBI has been trading in a downward channel from its high of 411. The breakout was observed on 27th April from this downward channel. Made a high of 369 before a pull back. The pull back as on today sits at 353 which is the support point long term trend line of the stock. Chances are the upside will be as high as 400 once the stock crosses 360 levels. It will be called a false breakout only if the price trades below 343.
SBIN will goes down for retesting or to the closer supporti had provided the important levels for SBIN as per analysis SBIN will goes down for retesting after it get retraced then only we should go for buying position and important target are give in charts for both upside and downside
good luck......
Possible uptrend based 15mins ChartPrevious Close as on Friday, April 9th, 2021: ₹353
Buy at: ₹354.50 (during uptrend)
1st Target Price: ₹356
2nd Target Price: ₹359
Ambitious Target: ₹360 - ₹363
Stop-Loss: ₹ 350
Trailing SL: After reaching each target price
Duration: Intraday on Monday, 12th April (based on 15mins chart)
Not guaranteed as the stock market is subjected to market risks. These calls are based on my own research and are meant for paper trading. Please do your own research if you are interested in investing or trading in the stock market.