October 21, 2011

SBI Support and Resistance lines

  • Price in daily chart is moving up towards the resistance line.
  • In the recent past this line has acted as strong resistance.
  • Now price is also approaching 50 Day SMA. 
  • So a breakout here may extend the current up move. Look for a daily close above 50 SMA for confirming real buying strength. 
  • Getting resisted here will result in another fall.
  • Resistance line is around 1960
  • 50 SMA @ 1966 

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