State Bank of India Forecast

SBIN Daily Chart
State Bank of India - Daily
State Bank of India charts currently depict a downward trend. The banking giant has been steadily falling since mid July and is yet to recover. Wolfe waves on the chart, as can be seen on the image show that the stock is running along the 1-3-5 line. A bounce off this line could take the stock higher towards the 1-4 target line, which however is unlikely.

Camarilla levels for August are 1828 (L4) around which the stock is standing currently with a bearish bias. As per Camarilla strategies, a drop from the L4 level would mean a bearish breakout towards the L5 level, which is 1671 for August.

Gann studies predict a trend reversal date around the 29th of August 2012, which is why a bullish bar appears on the 30th. However, our studies do not confirm this as a reversal date and hence the downward movement is expected to continue. The next Gann reversal date falls on the 2nd of September 2012, which can only be confirmed on the following day.

With these studies in view, traders are advised to maintain a short bias towards this stock for the next few days. It is a good time to go short.

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