State Bank of India Stock Price Forecast

SBIN Daily Chart

State Bank of India stock prices are trying to penetrate the H4 Camarilla level at 2295, which could signal a bullish breakout for a target of 2415, the H5 level for the month. However, there has been a trand reversal in the stock from bullish to bearish and has been confirmed by the price movements of the stock on the 13 th of December 2012. The trend for now is down which could be assisted by the resistance offered by the H4 Camarilla level as mentioned above. 

SBIN charts do not highlight any prominent Wolfe Wave patterns as on date and hence we must rely on the signals provided by the methods of W D Gann. Gann studies confirm that a reversal in trend has occurred and further suggest that the next reversal which would change the trend from bearish to bullish would occur very soon. Monday, the 17th of December is an important date in this regard and could open up a sharp reversal. However, studies go further to mention that there are more reversal dates available in the very near future which once confirmed by the price action of the stock could make it head northwards.

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