SBIN stock prices sold off sharply and is down by more than 5% in just 3 Trading days.
Fall in SBI
share price can be attributed to news or better to see the charts.
Volume profile gives clear understanding of big player’s
activity and where major volumes have taken place.
SBIN Volume profile chart with Elliott wave counts
Elliott wave analysis – In above chart we can see that
prices are forming lower highs and lower lows and is moving in downward sloping
channel.
Also the
entire pattern is corrective as per Elliott
wave and we are in wave (e) of the fall. This can form a Triangle or a
Diametric pattern as per advanced Elliott
wave – Neo wave analysis.
Volume profile shows that major activity happened near 573.
This can be seen as the highest profile area marked in red on right hand side
of chart. This is the region of distribution where major activity has taken
place in the past.
So for SBI
stock to cross above 573 is going to be major hurdle and any pullback can be
used as shorting opportunity. Or rather short options to ride the current down
move.
As
indicators are oversold short term pullback is possible but can be only
temporary.
In a nutshell, overall trend for SBI remains negative unless
prices break above 573 levels. Use pullbacks to sell to ride this wave (e) on
downside. This clearly shows by using this simple powerful concepts of trading
one can form complete trade plan and strategy.
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