Today we’ll analyze the technical chart of State Bank of India (SBI) using famous and tested technical indicators like Ichimoku, Doda-Donchian, Pivot tables etc.
Below is the technical chart of SBI on weekly time frame.
I’ve taken weekly time frame as to see from investment point of view and not for trading purpose.
Kijun-Sen line in the above chart is flat, although the price is rising. Flat kijun-sen line will surely attract price to its level viz. currently @Rs.2146.
Major resistance is between 2616-2682 and it is trading between this range.
So, do not take any fresh long position from this level. If you’re already holding SBI, make a strict stop-loss of 2616. Closing below this level clearly starts new downtrend.
Got any doubts, feel free to discuss in comments section below.