In SBIN ,
As long as price holds above ₹1,063 and the black trendline, the long-term uptrend remains valid. This could be a healthy shakeout after the parabolic move. A strong bounce here would target ₹1,150 → ₹1,200+ again.
Decisive close below ₹1,063 (especially with a daily candle close below the trendline) would be the first major breakdown in 7 months. That would open the door to ₹980–1,000 zone (next major support cluster).
The move from Feb to early March was a classic parabolic blow-off top. Such moves almost always correct 30–50% before the next leg up (if the larger trend is bullish). We are currently in that correction phase.
Bias = Cautiously Bullish while price stays above ₹1,063.
The long-term trendline is still holding, and the stock has not yet broken structure. However, momentum has clearly cooled after the March peak. Watch the next 2–3 trading sessions closely: Green candles + volume = potential reversal from support.
Red candles breaking ₹1,063 = trendline invalidation → deeper correction possible.
As long as price holds above ₹1,063 and the black trendline, the long-term uptrend remains valid. This could be a healthy shakeout after the parabolic move. A strong bounce here would target ₹1,150 → ₹1,200+ again.
Decisive close below ₹1,063 (especially with a daily candle close below the trendline) would be the first major breakdown in 7 months. That would open the door to ₹980–1,000 zone (next major support cluster).
The move from Feb to early March was a classic parabolic blow-off top. Such moves almost always correct 30–50% before the next leg up (if the larger trend is bullish). We are currently in that correction phase.
Bias = Cautiously Bullish while price stays above ₹1,063.
The long-term trendline is still holding, and the stock has not yet broken structure. However, momentum has clearly cooled after the March peak. Watch the next 2–3 trading sessions closely: Green candles + volume = potential reversal from support.
Red candles breaking ₹1,063 = trendline invalidation → deeper correction possible.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.