- SBI got resisted at the weekly resistance line.
- Daily chart is showing a High Volume bearish candle.
- Breaking below 1827 will help bears to continue the down move.
- MACD yet to give a sell in daily chart, a sell signal will strengthen bears.
- Weekly and Daily close below 1827 will favor bears for the coming weeks.
- RCOM BEARISH ENGULFING
- SBIN is closer to its Support and resistance lines in weekly chart.
- For bigger up moves price has to close above 38.2% Fib levels or close the week above the middle Bollinger band.
- Getting resisted at 20 Week SMA will favor bears. 23.6% Fib level has acted as support on weekly closing basis. So Week closing below 23.6% will be bad for bulls of SBIN.
- S&P 500 EOD UPDATE
- SBI is approaching resistance line again.
- Last hit at the resistance line gave a nice short trade.
- We shall wait for negative candles near the resistance line for going short.
- One should also keep in mind the bullish possibility too as daily time frame is trading above 20 day moving average Hence breakout can be used to go long.
- Weekly chart shows bullish candlestick and Positive divergence.
- But Daily chart is still under pressure from Channel and 20 Day Moving average.
- So if somebody wants to buy a call option of SBI he should see that price closes the day above 20 DAY SMA for bigger gains.
- Weekly bullishness may not help a day trader. So this thing may move up only if daily technicals turn bullish.
- If channel and 20 SMA is not broken soon then we may see another sell off.
CHART-II
- Price closing above 1935 - 1940 will favor bulls. If price sustains above 1952 for next week stock will target 2000 levels.
- Price should stay above 1952.
CHART-I
- Policy news is behind us now.
- Price got resisted at 1933 levels.
- For the up move to continue SBIN should close an hour and day above 1935 levels.
- Price staying below 50 Hour moving average will attract shorts.
- Bullish above 1935-40. Bearish below 50 Hour moving average.
- SBIN Weekly and Daily chart is moving down in a channel.
- Daily chart shows price trending down below 20 day simple moving average.
- Channel in daily chart is hinting the end of this down move. But Fibonacci levels suggest some more pain for bulls.
- Breakout above the daily channel or a close above 20 day moving average may give an up move.
