SBI - Technical Update

1. Please refer our last post on SBI here, we called for a stall in the rapid rise in prices, thats exactly what we got, (I am not taking any credit for it, EWP helps us anticipate, and some luck wont hurt).
2. Now we got the pause, which went into its thrid week, and we are moving up again, a classic 5 - 3 - 5 pattern, may be unfolding.
3. On a larger fractal, in the chart above, we can see, SBI is forming a rising wedge, which needs its last leg to complete. That's the larger picture we are playing with.
4. Lets look at the details of this pattern.

1. We can count a corrective pattern in the latest fall from the resistance zone marked on the chart, registering a low at 2183.
2. RSI is getting supported at 50 level.
3. We might see prices rising to the earlier resistance zone 2365-2325. If we take out this resistance zone, we might be in for a bigger move towards 2550.
4. As long as prices are closing above the short term EMA (red color), the prices may continue to climb.