State Bank of India analysis on a daily and weekly timeframe

State Bank of India Analysis

123 Trend change confirmed on 9 July 2020 upon the penetration of 8 June 2020 candle. According to Trader Vic method, long position can be taken here with a stop loss below 22 May 2020 candle.

We can see an inverse head and shoulder pattern forming, so we can wait for it to break to enter the trade safety. On 12 August a strong break with high volume. Traders who take breakout enter here. I wait.

Note how the prices are now contracting (consolidation), hoping to break above, forming an ascending triangle. RSI is strong and takes the support of around 50. Prices above 20 periods moving average. Volume decreasing making a strong case for ascending triangle.

Overall, a bullish case with the entry above 207.51. Stop loss based on your risk level.

First target 231
Pattern target 249
Third target 294

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Finally, stop entry order executed with an anticipated break on 25th August 2020.

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SBI performing very strongly :)

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First target achieved. Can sell some lots here.

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