SBI Life – Long-Term Base Breakout, Targeting ₹2,200

20 Haz

Chart Context:
SBI Life has broken out above a long-term horizontal resistance at ₹1,786 after forming a rounded accumulation base over ~10 months. Breakout was confirmed with above-average volume and a successful retest.

Trade Setup:

• Breakout level (neckline): ₹1,786.75
  
• Breakout candle close: ₹1,810.90 (+1.20%)
  
• Target: ₹2,200 (22% upside from breakout)
  
• Stop-loss: ₹1,745 (just below retest lows)
  
• Risk-reward: ~1:3
  

Volume & RSI:

• Volume > 20-day average
  
• RSI > 60 and rising, confirming strength
  

Strategy:
Initiate long with partial position now. Add on dips toward ₹1,775–₹1,780 with tight stop. Trail SL if price sustains above ₹1,850. Reassess at ₹2,050–₹2,100 zone.

Disclaimer:
Not a recommendation. This idea is based on technical patterns and is meant for educational purposes. Do your own due diligence.

10 Ağu

Not

Going in the right direction.