Techno Buy: SBIN
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The document summarizes a technical analysis of a stock that has formed a "Bullish Alternate Shark Harmonic" pattern at 220.15 levels. It has broken out of a recent consolidation pattern and taken support from its 200-day moving average, indicating an upward short-term trend. Momentum indicators also show positive momentum in the coming trading sessions. The analysis recommends buying the stock at 234.50 or up to 232, with a stop loss of 219 and target price of 272.
Techno Buy: SBIN
- 1. SEBI Registered – Research Analyst *Please Refer Disclaimer on Website On daily chart, the stock has completed a “Bullish -Alternate Shark Harmonic” pattern at 220.15 levels the coordinates of which are as follows: Technical Parameters: XA of the leg from 234.10 to 326.95, AB of the leg completed at 287 (i.e.38.2% of XA leg.), BC of the leg completed at 336 (i.e. near 113% of AB leg) and CD of the leg completed at 220.15 level. (I.e. 113% of XA and 224% of BC leg) Recently the stock has given breakout of its “Consolidation Pattern”, in which it had been trading for six days. Moreover, the stock has also taken support of its 200 WEMA on weekly chart, which indicates that near to short term trend is up. Momentum indicators RSI has moved above 40 levels on daily chart which shows positive momentum can be seen in few trading sessions. Buy SBIN @ 234.50 & Upto 232 SL 219 TGT 272 15th September 2015 TECHNO BUY claimer on Website WWW.CHOICEINDIA.COM
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