Thursday, April 25, 2013

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SBI - Technical Update

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  1. Interesting candle stick formation on this counter.
  2. Yesterday was a bearish engulfing.
  3. Today in all probabilities should be an inside day, plus a spinning top.
  4. A resistance zone is developing between 2330 - 2360 (not shown on the chart).
  5. It might not be out of place to expect some stalling of this sharp upmove.
  6. But more confirmation required before forming a strong opinion. the prevailing trend is strong.
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4 comments:

  1. Bearish28 April 2013 at 09:38

    also, there is a possibility of H&S top with neckline support at 2050. Waiting for completion of the right shoulder. A crack below neckline should take SBI to 1750-1800 levels.

    ReplyDelete
    Replies
    1. Aniruddha Deshpande28 April 2013 at 12:09

      Yes that possibility is still about 300 odd points away. So will look into it once and if we near the NL.

      Delete
  2. Manish28 April 2013 at 16:33

    Closing below 2318 DHema it is sell on rise.
    Aggressive shorts below 2230-35 levels....IMO.

    ReplyDelete
    Replies
    1. Aniruddha Deshpande29 April 2013 at 15:39

      SBIN seems to have reversed from the resistance zone, pointed out earlier. Now as you have mentioned, there are many key levels, below which the sell momentum would pick up.

      Delete

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