Wednesday, February 29, 2012

Exit SBI | Technical charts | 01-Mar-2012

Below is the technical chart of State Bank of India (SBI), using Doda-Donchian indicator.









On 22-Feb-2012, SBI closed below Doda-Donchian @2251 and that was the first signal of its weakness. At the time of writing this article, its price is still trading below Doda-Donchian at 2197. One should book profits at thee levels and sit on cash. Take fresh long position only when it closes above 2292. 

But do not try to short at these levels as price is above kumo. We will short SBI when it starts trading below kumo as indicated by Ichimoku indicator.

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