SBI bank - Textbook Cup & Handle base

5 thg 9, 2022

SBIN

1) Strong trending stage 2 move

2) Volumes expanded as price moved up, and greatly reduced as price started to correct and consolidate

3) Within the base, long term VCP is forming, on right side of base price action is getting tighter, price is consolidating at the top end of resistance, final supply is getting absorbed

4) need a clean breakout above 545 for pattern to get activated. sl will be at 510, roughly 7-8% from entry price

5) These are longer term structures, and it is difficult to predict any targets, simply trail with 30 Week moving average. such trends can last anywhere between 12-18 months