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Sell
Head & Shoulder breakdown in SBI
Yesterday SBI (State
Bank of India) broken its important support. The breakdown has come with
large volumes.
It is clearly seen
from the charts that the stock is breaking out of Head & Shoulder
Pattern. The neckline is broken and the price is closed below it near 177.
H&S pattern gives
us an indication of short term trend change. It is formed at the end of a
“Higher Top Higher Bottom cycle”. The cycle of HTHB forms an uptrend. We know
that SBI has been in an uptrend. Yesterday this uptrend is broken with
conviction. The stock may get into a downtrend for a short period.
Target-
Trade: Sell
Target - 165 Stoploss - 183 Check the chart here for levels marked.  |
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