State Bank of India Forecast

State Bank of India Daily Chart
State Bank of India - Daily
State Bank of India has been in a rally for the last few trading sessions and has just crossed the 1 - 4 target line today as per the Wolfe Wave pattern shown on the chart. Today's close also marks a penetration into the H5 Camarilla level. The banking giant has given traders a huge profit in the last few days and could go on for more. However, our study of the charts has the following points to note which traders may make use of.
A Wolfe Wave has been completed and the 1 - 4 target line could prove to be a point of resistance now. The same holds true for the H5 Camarilla level. Both these points in conjunction could make it quite difficult for SBIN to move any higher and could drop the stock price to some extent. A Gann reversal date is also on the cards, which falls on the 20th of September 2012. A confirmation on the 21st could mean that the banking major takes a turn for the south and would signal the time to open a short position.

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