Tuesday, May 17, 2016

SBI - Breaking below Head & Shoulder neckline

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.
 


Free Webinar on Stock Market Investment Strategies


Free Webinar on Stock Market Investment Strategies. Learn to pick multi-bagger stocks. Don't just invest- take informed decision. Attend this seminar to learn simple methodologies used in share market investing/trading.
Date: 22 May 2016
Time: 11:00pm to 1:00pm
Mode: Online through Webinar

Click here to register

Call me on 09371444875 for more details

No comments:

Post a Comment