State Bank of India gives an oversold bounce

• First chart shows stock getting support right at the golden ratio(61.8%) of its rise from 1800 levels to 3500 levels.
• Second chart shows price closing near 20 DMA. Stock will turn bullish once it closes above 50 DMA again. 50 DMA is not far from 20 DMA so at every rise stock may face stiff resistance.
• Stock may target its 200 DMA for this bounce as shown in the 3rd chart.
• Next chart shows a possible false breakout trade. If price enters the broken triangle then this will become a busted pattern which can give good profits in the opposite direction of the breakout.
• Previous resistance of 2500 has given support for now.
• We saw a false breakout trade in nifty recently CLICK HERE TO SEE IT