We are still in the corrective pattern however we did finish a 3 wave ABC pattern to make the next move up. This is possibly a D wave which means we will get another wave E that will go below the current lows or if there is a breakout from the top trend line, we can see another impulse to the upside.Either ways, this move is to the upside, I would be cautious as...
Shorted SBIN for target 271 3% from 273.75 Chart attached
Technically SBI has broken Trend Lines and Supports, Volume is Increasing on Down Days, BankNifty is Looking Weak and There is also a possibility of a third wave... Targets Can be seen at 190..
strong support trendline below and have to test above trendline so possible move soon
SBIN has probably completed the initial impulse from feb lows. The correction that started early november should pick up pace soon.
Plan to go short with SL near high
Short term MA crosses Long term MA, it changes demand and suplly, hence direction changes
SBI short till 255 target 225 & 202 Stop loss 264.