State Bank of India (SBIN) - Long, 5% upside target

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Inverted Head and Shoulder formation in SBIN on the hourly chart
Previous resistance has turned into support
Rising volume on Green candles
RSI has moved into the bullish zone and is taking support on the upper band
Long entry at can be made at current price with a stop loss at 524 (Risk reward of 1:4, for full upside target)

Kommentera:

Target 1 achieved.

If you trade in Futures or Options, partial booking is advised. Cash traders can hold.

Fresh entry or pyramiding can be done once the price starts to close above 550, this will also take daily RSI above 60 making the stock very bullish

Kommentera:

Yesterday's closing was strong, with good volume. There is a rising trend in volume on the daily chart.
F&P players can trail their SL at 540, wait for an hourly candle to close below 540 to exit.
Fresh entry only above 550 and after Daily RSI has crossed 60

Trade stängt manuellt:

Trailing SL hit at 540.50