State Bank of India is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The stock has broken an inverse head and shoulders formation. A decisive break, preferably with increasing volume, is considered a confident signal of the start of a rising trend. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the stock has support at approximately 596 rupee.
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Positive volume balance, with high
volume on days of rising prices and low
volume on days of falling prices, strengthens
the stock in the short term. The short term
momentum of the stock is strongly positive,
with RSI above 70. This indicates increasing
optimism among investors and further price
increase for State Bank of India. However,
particularly for big stocks, high RSI may be a
sign that the stock is overbought and that
there is a chance of a reaction downwards.
The RSI curve shows a rising trend, which
supports the positive trend. The stock is
overall assessed as technically positive for
the medium long term.
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