SBI Card has bounced back from support level multiple time. In fact too many times.
Whenever it has bounced back to make a swing high, it seems buying was not strong enough to take it above last swing high overall (igonoring minor swing highs).
- There is strange consolidation near support level. It never happened in past but something is changed in stock's behavior here.
- The stock even gave break out above the range formed with heavy volume, but volume and price action did not follow through. Most likely seems to attract liquidity.
Conclusion:
- It seems like price will continue same bearish trend unless there is decisive closing above 820 levels.
- Might be sideways or might reach near life time low before going up.
Still not ready to buy for long term.
Whenever it has bounced back to make a swing high, it seems buying was not strong enough to take it above last swing high overall (igonoring minor swing highs).
- There is strange consolidation near support level. It never happened in past but something is changed in stock's behavior here.
- The stock even gave break out above the range formed with heavy volume, but volume and price action did not follow through. Most likely seems to attract liquidity.
Conclusion:
- It seems like price will continue same bearish trend unless there is decisive closing above 820 levels.
- Might be sideways or might reach near life time low before going up.
Still not ready to buy for long term.
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