May 28, 2014

SBI Intraday update

  • One hour chart of SBI is seeking support at Golden ratio and 50 Hour SMA. 
  • SBI Bears need a close below these levels to extend the weakness in weekly chart. Weekly chart is moving toward a Dark Cloud cover pattern which can be confirmed only if the current weekly candle engulfs 75% length of the previous bullish candle.
  • If price takes support at 50 Hour SMA an up move is possible and thus avoiding a bearish pattern in weekly chart.

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