This analysis is based on Elliott Wave theory and is for educational purposes only. It does not constitute financial advice.
Key Observations:
Ascending Diagonal Triangle: The price action appears to be forming an ascending diagonal triangle pattern, suggesting a potential bullish breakout. Wave Structure: The current price movement could be interpreted as an impulse wave, with a strong possibility of a fifth wave extension. Invalidation Level: The 732.00 level acts as a critical invalidation point. A break below this level would negate the bullish outlook. Potential Target: A breakout above the triangle's upper boundary could lead to a significant price increase, with a potential projection around the 920.00 level and more
Overall Outlook:
The technical analysis based on Elliott Waves suggests a bullish bias for SBIN. However, it's essential to monitor the price action closely and be prepared to adjust the analysis if the market's behaviour deviates from the expected pattern.
I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
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Hope this post is helpful to community Thanks RK
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