May 26, 2011

State Bank of India - Free Fall

  • SBI is not giving any sign of relief for bulls. No daily or weekly reversal candles yet.
  • RSI as seen in the last chart is reaching extreme levels which might give a reversal.
  • But the target for the consolidation breakdown is near 2070 levels. Price might get there after a bounce. 
  • One more thing to note is the structure of the stock which has formed a lower high in daily time frame which is bearish in the medium term.

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