SBI Q4 RESULT AHEAD – WHAT TO EXPECT? – SEE WHAT CHART IS SAYING??

technical findings of chart

On SBI daily chart we can clearly observe and identify that it has created 2 triangle, first one was descending bearish triangle which has range from 2250 to 2550 almost 300 points range. and triangle breakout done when it broken upper resistance line of triangle around 2100-2150 range and given buy signal and from there it has done movement till almost 2450 level that is almost 300 point movement completed after breakout. as according to triangle pattern after breakout, price chart has done 300 points movement accordance with its triangle range.

now observe the 2nd triangle created on chart we can clearly see that is a bullish ascending triangle. now we can see that it has crucial support at lower line of triangle which is now around 2320-40 range. so if price chart able to break this triangle and give close below support line then we can confirm the start of downtrend.  and as we can see that bullish triangle has its range from 2000 to 2300 which is almost 300 points so we can expect a fall of almost rs. 300-400 range if price chart able to break this triangle either side. (yet triangle has not broken any side so we can expect movement in stock only after breaking the triangle if break down side then rs. 300 fall can be seen in coming days, if break this triangle upside then rs. 300 movement can be seen upside.)

Technical chart of intrday before result.

above is the intrday chart of SBIN for 22nd may 2013, trend line study indicate that SBIN is having strong intraday support in a range of 2340-50 and having strong resistance at 2370-80 range. so breaking this range can give some momentum to this stock.

Whats view for result day for SBIN

technical study clearly indicate that SBIN currently trading near its intraday and positional support range of 2320-2340 and having intraday resistance range of 2380 so we assume that if SBI able to break 2320 and sustain for 15 min down side of this level then we can see major fall in intraday as well as coming days also. and if its not able to break this range and sustain upside and try to break intraday resistance of 2380  and stay above this for 15 min then one should think of up move in SBIN.