HEAD AND SHOULDERS FORMATION IS IN PROGRESS IN SBI CARD HOURLY CHART. STOCK FAILED TO GIVE DAILY CLOSE WITH BULLISH MOMENTUM CANDLE ABOVE IR 769 (HIGH OF 18-MARCH-2020), WHICH INDICATES THAT AT PRESENT BULLS ARE NOT INTERESTED ABOVE HIGHS OF FIRST WEEK OF STOCK LISTING.
STOCK HAS FORMED PARALLEL NECK LINE AND CURRENTLY TRADING AT RIGHT SHOULDER AREA OF POTENTIAL HEAD AND SHOULDERS FORMATION ON HOURLY CHART. MORE OVER THAT CHART HAS ALSO FORMED ASYMMETRICAL TRIANGLE AT TOP OF RIGHT SHOULDERS AREA, IF CHART BREAKS THAT TRIANGLE TO THE DOWN SIDE IT WILL GIVE BOOST AND CONFIRMATION TO BEARS FOR SHORTING STOCK AGGRESSIVELY.
SELL ENTRY: 752 (CMP- FOR AGGRESSIVE TRADERS)
STOP LOSS: 779 (1 ATR ABOVE HIGH OF LEFT SHOULDER)
TARGET-1: 735 (DAY TRADING OPPORTUNITY, UP TO RE-TEST OF NECK LINE)
TARGET-2: 690 (MEASURED MOVE AS PER HEAD AND SHOULDERS FORMATION)
CONSERVATIVE TRADERS CAN LOOK TO SHORT ONCE CHART BREAKS AND CLOSE BELOW NECKLINE (INR 730) WITH TARGET OF INR 690.
DAY TRADING SELL OPPORTUNITY
SHORT TERM TRADERS CAN TRADE WITH ASYMMETRICAL TRIANGLE BREAKOUT TO THE DOWN SIDE, WITH THE TARGET OF RE-TEST OF NECK LINE. BUT MAKE SURE THAT RISK REWARD RATIO IS FAVORABLE FOR THAT (MINIMUM RISK V/S REWARD IS 1:1)
STOCK HAS FORMED PARALLEL NECK LINE AND CURRENTLY TRADING AT RIGHT SHOULDER AREA OF POTENTIAL HEAD AND SHOULDERS FORMATION ON HOURLY CHART. MORE OVER THAT CHART HAS ALSO FORMED ASYMMETRICAL TRIANGLE AT TOP OF RIGHT SHOULDERS AREA, IF CHART BREAKS THAT TRIANGLE TO THE DOWN SIDE IT WILL GIVE BOOST AND CONFIRMATION TO BEARS FOR SHORTING STOCK AGGRESSIVELY.
SELL ENTRY: 752 (CMP- FOR AGGRESSIVE TRADERS)
STOP LOSS: 779 (1 ATR ABOVE HIGH OF LEFT SHOULDER)
TARGET-1: 735 (DAY TRADING OPPORTUNITY, UP TO RE-TEST OF NECK LINE)
TARGET-2: 690 (MEASURED MOVE AS PER HEAD AND SHOULDERS FORMATION)
CONSERVATIVE TRADERS CAN LOOK TO SHORT ONCE CHART BREAKS AND CLOSE BELOW NECKLINE (INR 730) WITH TARGET OF INR 690.
DAY TRADING SELL OPPORTUNITY
SHORT TERM TRADERS CAN TRADE WITH ASYMMETRICAL TRIANGLE BREAKOUT TO THE DOWN SIDE, WITH THE TARGET OF RE-TEST OF NECK LINE. BUT MAKE SURE THAT RISK REWARD RATIO IS FAVORABLE FOR THAT (MINIMUM RISK V/S REWARD IS 1:1)