Follow-up to the SBIN chart posted on Mar 03 at http://patternswavesandnumbers.blogspot.in/2013/03/sbin-mar-03.html
High for the day = 2121 is the 38.2% Fibo retracement level of the fall from 2236 to 2051
For any further upmove, 2121 has to be taken out along with BankNifty resistance at 11700. Beyond 2121 SBIN can target 50% and 61.8% Fibo levels at 2143 and 2165 levels. But, the trend is clearly down (negative on higher timeframe - month ) and unless there are reversal signals, stick with the trend and go short.
High for the day = 2121 is the 38.2% Fibo retracement level of the fall from 2236 to 2051
For any further upmove, 2121 has to be taken out along with BankNifty resistance at 11700. Beyond 2121 SBIN can target 50% and 61.8% Fibo levels at 2143 and 2165 levels. But, the trend is clearly down (negative on higher timeframe - month ) and unless there are reversal signals, stick with the trend and go short.
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