Sbic
SBIC - Resisting 800 levelsSbi card is moving with lower highs and lower lows formation since August 2021.
The stock has broken its important support levels around 800 and is resisting it for the past two weeks.
This week it opened with the gap on the downside and saw follow-up weakness.
Going ahead, the 770- 800 zone would act as a strong resistance for the stock and we could also see it moving towards 600 levels in the coming months, considering its weak price structure.
SBICARD AT IMPORTANT LEVELSCurrently, SBIC has been trading at the levels, where it consolidated in the past for many many weeks .
The same levels can act as good support for the stock.
Disclaimer: Not a recommendation to trade
SBICARD IMPORTANT LEVELS FOR BUYINGSBICARD has seen a remarkable rally from 500 levels to 1100 levels in the past 1 year.
Currently, we are seeing some correction in the stock.
The monthly and weekly structure is still positive, though it looks weak on the daily chart and the current price action also indicates that this correction can extend a little more.
Important support that Weekly and daily chart gives around 850 levels.
And the major support levels come around 799 - 670, which you can say lifeline support.
So keep an eye on the stock and grab the opportunity when stock presents it to you.
Trade/Invest at your own risk.
SBI CARD - Time to take pauseSBI Card Formed Bat Pattern on the daily chart with a precise prz in the area of 740 . This Pattern possessed three levels in tight zone of 735 - 742.
The Bat is the most common and precise pattern and requires a smaller stop loss than other patterns.The 0.886 XA retracement is the most critical level in the Bearish Bat pattern.
I Always wait for the entire PRZ range to be tested to validate the completion of the pattern, though it delays the execution process, but the trade you take then won't test much of your patience.
Note : BC swing slightly exceeded the A Point , so its not a perfect Bat pattern, but i am considering it as a Bat pattern, because of the close alignment of various Fibonacci ratios in the prz area..So Slight adjustment/leeway is allowed in the real trading world.
SBIC - FIRST TARGET MET SBIC - FIRST TARGET MET
BREAK ABOVE 565
and sustaining above 550
will open the way for 600 levels
SBICARD - Target Achieved Stock almost did the target in the early trading session, high made was 596.35
The current rally was a pullback and
now its time to draw a new trend-line to spot the reversal in the stock.
New support levels are 540 545 ( previous resistance turned support)
Stock can spot the Resistance near new down sloping trend-line and further resistance will remain same as before i.e 580-600.
I find this stock as the most easiest stock to trade, respecting most of the levels identified beforehand.
Someone rightly said opportunity meets the prepared mind.
