SBIN, long position
CMP-201.90
yesterday SBI had given a breakout on daily charts. it passed it long time resistance level(marked as red) of 198. last two days closing is above this level, this indicates the trend is here to stay. Also the Fibonacci retracement 23.6% was placed at 198 levels. today selling was seen but volume was low with respect to previous days that implies it would not fall soon. today's closing is above 100days EMA, which is a good sign. near term, the target is around its 200days EMA i.e. 228, which is also the Fibonacci level 38.2%. stop-loss at 198, below this, it will show weakness.
Being invested in SBIN is boring because it doesn't move as our expectations but if you watch closely it follows the chart pattern very well. thus entry and exit prices can be correlated form charts.
yesterday SBI had given a breakout on daily charts. it passed it long time resistance level(marked as red) of 198. last two days closing is above this level, this indicates the trend is here to stay. Also the Fibonacci retracement 23.6% was placed at 198 levels. today selling was seen but volume was low with respect to previous days that implies it would not fall soon. today's closing is above 100days EMA, which is a good sign. near term, the target is around its 200days EMA i.e. 228, which is also the Fibonacci level 38.2%. stop-loss at 198, below this, it will show weakness.
Being invested in SBIN is boring because it doesn't move as our expectations but if you watch closely it follows the chart pattern very well. thus entry and exit prices can be correlated form charts.
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