SBILIFE - SEEMS HEADING TOWARDS 52 WEEK HIGH...!?!
The insurance sector stocks has been among favourite investment picks for the investors, FII, DII etc.
The insurance sector stocks like HDFCLIFE, SBILIFE, ICICIPRULI have been most prefered stocks as they are owned by trustworthy and respectable companies.
As per my analysis and chart readings, my preferred stock among the three is SBILIFE. The analysis are as follow below:-
The stock topped out near 1000 in later 2019 and post Jan 2020, stock witnessed heavy selling pressure and in just few months price made low around 520. The area where price has formed bottom in 2018.
Post hiting the lows the stock has been rising gradually and has advanced nearly 60% from the lows.
In this process price has registered a decisive breakout from the median line of the Parallel channel with wide green candle which signals good buying force and dominance of the bulls.
Furthermore, the moving average line which provided strong support in previous rally. Recently price has surpassed above the same with moving avg slope towards North direction.
Moreover, the momentum oscillators are signalling sign of strength in price.
RSI has given breakout from the falling trendline which hints bullish momentum in price and MACD has given Bullish crossover and inching higher.
Till price holds above the median line, i believe any dips should be bought into and price likely to scale higher to test higher end of the channel line.
If u enjoyed and liked the post do share, comment and follow the blog. Can also connect me on Twitter handle : @Rohanshah619.
Disc. The above shared analysis is solely my view as per my understanding and knowledge. I will not be responsible for any loss or gain incurred.
The insurance sector stocks has been among favourite investment picks for the investors, FII, DII etc.
The insurance sector stocks like HDFCLIFE, SBILIFE, ICICIPRULI have been most prefered stocks as they are owned by trustworthy and respectable companies.
As per my analysis and chart readings, my preferred stock among the three is SBILIFE. The analysis are as follow below:-
The stock topped out near 1000 in later 2019 and post Jan 2020, stock witnessed heavy selling pressure and in just few months price made low around 520. The area where price has formed bottom in 2018.
Post hiting the lows the stock has been rising gradually and has advanced nearly 60% from the lows.
In this process price has registered a decisive breakout from the median line of the Parallel channel with wide green candle which signals good buying force and dominance of the bulls.
Furthermore, the moving average line which provided strong support in previous rally. Recently price has surpassed above the same with moving avg slope towards North direction.
Moreover, the momentum oscillators are signalling sign of strength in price.
RSI has given breakout from the falling trendline which hints bullish momentum in price and MACD has given Bullish crossover and inching higher.
Till price holds above the median line, i believe any dips should be bought into and price likely to scale higher to test higher end of the channel line.
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| SBILIFE WEEKLY CHART. (Click to Enlarge) |
If u enjoyed and liked the post do share, comment and follow the blog. Can also connect me on Twitter handle : @Rohanshah619.
Disc. The above shared analysis is solely my view as per my understanding and knowledge. I will not be responsible for any loss or gain incurred.
