Prior secondary uptrend with high volumes
Given the deep stop loss this is a high risk trade. Hedging the trade is highly recommended.
Sorry about the image quality (is due to the massive movement of the stock today) – difficult to capture in one frame.Kindly use it as reference to study the chart yourself.
Keep in mind SBI Q2 results will be declared tomorrow
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Stock Ticker – NSE: SBIN – State Bank of India – FINANCIAL SERVICES
Bearish Trade plan:
Entry Level 248 Target 219 Stoploss 277
Analyst Rating – :3/5
View Posted on 2019-10-24
Hi sir,
This engulfing pattern has a long lower tail which shows the presence of buyers. so, better you should review the stock before getting into a short position.
Thank you for the inputs Naresh