March 27, 2013

SBI Head and Shoulders and Analysis



  • SBI Daily chart shows a Head and Shoulders pattern with TWO left shoulders. So price may take support at the current level for forming another right shoulder to complete the pattern.
  • Price is also testing crucial weekly support line from 1571 level.
  • Weekly chart also shows price at Ichimoku cloud. Week must close above the cloud to avoid a bigger fall.
  • LARSEN & TOUBRO CHART ANALYSIS
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3 comments:

  1. Hari Sreekanth UpadrastaMarch 27, 2013 at 9:46 AM

    hi san ,
    As per your analysis did bharti airtel completed h&s?

    ReplyDelete
    Replies
    1. SanMarch 27, 2013 at 10:34 AM

      I was expecting price to fall to the neck line of the pattern which it did. Breakdown below the neck line only gave about 12 Points and price started reversing.
      For now bearish case will become weak if price starts to trade above 300. Unable to close above 300 should result in another fall.

      Delete
    2. Hari Sreekanth UpadrastaMarch 27, 2013 at 5:26 PM

      You mean to say 200 DEMA right.

      Delete

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