1 Jun 2020 ● 01:51 PM
The selling that started in SBI from 2011 along with the rest of the PSU banks has resulted in multiple bottoms near 148. The same may have happened again in one more selling climax however each time prices have come to this level volumes appear to have declined. So do we have a triple bottom in place? The short-term reversal today appears complete as we closed above the 20 day moving average. The next resistance is at the 40 DMA at 180 and the previous swing high near 198. In the big picture however prices have gone back to above 300 twice before and you need to ask whether we will go there again.