April 9, 2013
- Breakout turned out to be a false spike out of the channel. When pattern fails it mostly gives good trades on the opposite side. Price re-entering the pattern is a good place to take a short in this case.
- SBI Has given a channel breakout shown in 15 Minutes time frame.
- Immediate targets or resistance levels are 2071 and 2084
- As shown in the last chart if price continue to sustain below 11125 - 11225 zone bears will gain further strength.
- For bulls the task is simple, Price has to move back above 50 Week SMA and the above mentioned zone for a possible up move towards the broken up trend line shown in first chart.
- Sustaining below 11125 - 11225 should lead to 10900 , 800 and 700 levels.