SBILIFE- False Breakout gives a SHORT!
Zaktualizowano
Attached: SBILIFE Daily Chart as of 21st April 2023
For the Levels, it is already marked in the Chart (SELF EXPLANATORY)
Stop Loss > 1136
Downside Target 1= 1074
Downside Target 2= 1054
For the Thesis as to why it is a SHORT:
- the 17th April Candle was a Breakout Candle that turned out to be a BULL TRAP Candle, so all the Bulls that entered got Liquidated as the Low of the Candle was taken out
- with the 21st April Candle (latest candle) Bears entered the stock giving a Breakdown below POC of the Volume Profile
- All Insurance Stocks saw Selling on Friday, even HDFCLIFE is similar and Bears have taken over in that Stock as well. So a Weak Sector too
Note: Both SBILIFE and HDFCLIFE have Earnings on 26th April (the coming Wednesday)
For the Levels, it is already marked in the Chart (SELF EXPLANATORY)
Stop Loss > 1136
Downside Target 1= 1074
Downside Target 2= 1054
For the Thesis as to why it is a SHORT:
- the 17th April Candle was a Breakout Candle that turned out to be a BULL TRAP Candle, so all the Bulls that entered got Liquidated as the Low of the Candle was taken out
- with the 21st April Candle (latest candle) Bears entered the stock giving a Breakdown below POC of the Volume Profile
- All Insurance Stocks saw Selling on Friday, even HDFCLIFE is similar and Bears have taken over in that Stock as well. So a Weak Sector too
Note: Both SBILIFE and HDFCLIFE have Earnings on 26th April (the coming Wednesday)
Zlecenie zamknięto ręcznie
given the Short Squeeze in HDFCLIFE, this Trade in SBI Life is no longer high probability, hence closing it
Siddharth Bhansali
✔️Twitter Handle @T_Harth
✔️Twitter Handle @T_Harth
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.