In furtherance to the analysis made on 3rd Jan, 2014 [http://techincallearning.blogspot.in/2014/01/sbin-3-01-2014.html]
- SBI has been trading in a Down trending channel within a Rectangle Pattern.
- Within a down trending channel , a flag pattern is seen, which takes place exactly in the middle of the Rectangle Pattern.
- There was a sharp decline from upper line of the Rectangle pattern, with increasing activity in volume.
- Consolidation of the flag takes place under the up-trending line, for 11 days, with diminishing volume.
- A breakdown from flag lower trend line takes place with a black candle, with increasing activity in volume, along with negative crossover( 20 day S.M.A crosses from above 50 day S.M.A) of Simple Moving Averages, which further confirms the aggressiveness of bears to take the move down.
- Stock has intermediate support at 1596- 1600( Psychological level & lower line of downtrending channel).
- Further Support is at 1570.
- Resistance, 1644, 50, 58
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