FIRST TARGET DONE IT MAKE HIGH 736.75 6/3/2025
Key Levels:
Support Levels:
₹681.65 (Fib 0.382)
₹721.05 (Current support)
Resistance Levels:
₹735.60 (Fib 0.5) – Immediate resistance
₹784.90 (Fib 0.618) – Medium-term resistance
₹861.00 (Fib 0.786) – Long-term resistance
Target & Stop Loss:
Short-term target: ₹735-740 (Fib 0.5)
Medium-term target: ₹785 (Fib 0.618)
Long-term target: ₹860+ (Fib 0.786)
Stop-loss: Below ₹681 for long trades, as breaking this may indicate further downside.
Market View:
Short-term (Days to Weeks):
The stock is rebounding from oversold RSI.
A move towards ₹735 is likely.
Medium-term (Weeks to Months):
If ₹735 is crossed, the next target is ₹785.
Bullish breakout above ₹785 can lead to ₹861.
Long-term (Months to Year):
₹861 is a major resistance level.
If sustained above, new highs are possible
Trend Analysis for State Bank of India (SBI):
1. Short-Term Trend (Days to Weeks):
Current Trend: Bullish pullback
Indicator Analysis:
RSI at 63.17, showing upward momentum but not yet overbought.
Price rebounding from ₹681.65 (Fib 0.382), indicating support.
Volume increase suggests buying interest.
Conclusion: Positive bias towards ₹735-740 if momentum continues.
2. Medium-Term Trend (Weeks to Months):
Current Trend: Neutral to Bearish
Price Action:
The stock has been in a downtrend since December 2024.
Resistance at ₹735.60 (Fib 0.5) needs to break for bullish confirmation.
Reversal pattern visible with RSI divergence.
Conclusion: Bullish if price sustains above ₹735-740, target ₹785.
3. Long-Term Trend (Months to Year):
Current Trend: Sideways with a bearish bias
Fibonacci Levels:
Major resistance at ₹861 (Fib 0.786).
Stock is currently in a correction phase from previous highs.
Conclusion: Breakout above ₹785-861 will confirm trend reversal for fresh highs.
Summary View:
Timeframe Trend Target Stop Loss Key Level to Watch
Short-Term Bullish ₹735-740 ₹681 ₹723 (Support)
Medium-Term Neutral ₹785 ₹681 ₹735 (Resistance)
Long-Term Sideways ₹861 ₹681 ₹785-861 (Breakout Zone)
STATE BANK OF INDIA (SBI) Trend Analysis
Based on the chart and indicators, here’s a comprehensive Trend Analysis:
🔥 Trend Analysis Overview:
Current Price: ₹721.95
Time Frame: 2-Hour Chart (Short-term to Medium-term view)
Indicators Used:
Fibonacci Retracement
RSI (Relative Strength Index)
Volume
Trendlines (Downtrend Channel)
📌 Trend Observations:
✅ Short-Term Trend (Bullish Reversal Possible):
The stock is currently bouncing from the ₹681.65 support (Fib 0.382).
RSI has crossed 60 from the oversold zone (37) indicating positive momentum.
Volume has spiked on the recent green candles, confirming buyers' interest.
First resistance is at ₹735 (Fib 0.5), where price action might consolidate.
🔄 Medium-Term Trend (Neutral to Bullish):
The stock has been in a downtrend channel since December 2024.
To confirm a bullish reversal, SBI needs to close above ₹735-740 with good volume.
If crossed, the next target would be ₹785 (Fib 0.618 retracement zone).
RSI sustaining above 60-65 will further strengthen the bullish bias.
❌ Long-Term Trend (Still Bearish):
SBI remains in a downtrend unless the price crosses ₹785.
Only above ₹861 (Fib 0.786) will the long-term trend officially turn bullish.
The stock is forming lower highs and lower lows on the bigger timeframe.
🔑 Summary Trend Direction:
Time Frame Trend Action
Short-Term Bullish Reversal Buy above ₹723 with SL ₹681
Medium-Term Neutral to Bullish Buy above ₹735, Target ₹785
Long-Term Bearish (Downtrend) Wait for breakout above ₹861
🎯 Trading Plan Suggestion:
Type of Trade Entry Target Stop Loss Time Frame
Short Term ₹723 ₹735-740 ₹681 2-7 Days
Medium Term ₹735 ₹785 ₹715 2-4 Weeks
Long Term Above ₹785 ₹861+ ₹735 1-3 Months
🔍 Conclusion:
Bullish Bias in short term if ₹723 holds.
Major breakout only above ₹785 for medium & long-term targets.
Failure to sustain above ₹723 will push SBI back to ₹681-650 support zone.
No comments:
Post a Comment