SBIN 401 - Why we are negative on SBIN

23 พ.ค. 2021

Below are the reasons for our negative view on SBIN.

SBIN has rallied 40 percent in the current year 2021, so far, and surged 151 percent in the last one year means Traders have already moved the price according to the result announced.

Technical reasons

• Last Top has not been broken yet.
  Ultra high volume near the last top with out breaking suggests weakness. ( reference : Ultra high volume up bars (the classic trap of “Smart Money!!)
  Professionals are selling into the public buying – Higher volume
  Bank Nifty 34606 - also facing stiff resistance zone in 34606 to 35575
  

Rules for The End Of a Rising Market
• The high or ultra high volume up bar must be into fresh new ground and will have a strong bull run in the background. - Valid
• The NEWS will be good and that is to mislead you. You will have the urge to buy because the media, brokers etc will be recommending
this as a strong buy when they should in fact be warning you not to buy or indeed sell!! - Valid
• If the market is gapped up and is approaching or at previous resistance then this is an even stronger sign of weakness -Valid

24 พ.ค. 2021

การซื้อขายยังคงดำเนินอยู่

As posted SBIN has faced stiff resistance at 407 to 415 region. As there is a deep crab pattern We expect SBIN will fall back to 340 before moving back to 468.