25 Aug 2020 ● 02:10 PM
State Bank of India has not changed in terms of the set up I discussed, that of a inverted head and shoulders patern. All that happened is wave B of the advance ended up forming a triangle as shown by the blue lines. This time consuming pattern has wasted time something we cannot predict. But just because we spent time in the right shoulder on low volumes does not change the pattern but confirms it. Now what is needed when we break out of the neckline at 208 is that volumes expand on the way up. A breakout without volumes would be suspect, Today we did see higher volumes and closed right on top of the blue line. Follow up should be watched.