Bearish Head & Shoulder Pattern in SBIN for coming sessions
This analysis is purely for intraday or STBT trades.
Red lines or bars represents resistance. Green bars/lines represents support. Yellow horizontal bar represent the current price level
State Bank of India appears to forming the right shoulder of "Bearish Head & Shoulder Pattern" in Hourly as well as 5 minutes Time frame.
The neckline seems to be near 192 level. If that level is broken with volume and price sustains below that level.. then the support of 185 level may be seen quickly.
Advice would be to see the price action at the current level (yellow horizontal bar in the chart). if that level is broken with volume then price will go down to complete the neck line.
Red lines or bars represents resistance. Green bars/lines represents support. Yellow horizontal bar represent the current price level
State Bank of India appears to forming the right shoulder of "Bearish Head & Shoulder Pattern" in Hourly as well as 5 minutes Time frame.
The neckline seems to be near 192 level. If that level is broken with volume and price sustains below that level.. then the support of 185 level may be seen quickly.
Advice would be to see the price action at the current level (yellow horizontal bar in the chart). if that level is broken with volume then price will go down to complete the neck line.
Trade closed: target reached