SBILIFE- False Breakout gives a SHORT!

Attached: SBILIFE Daily Chart as of 21st April 2023

For the Levels, it is already marked in the Chart (SELF EXPLANATORY)
Stop Loss > 1136

Downside Target 1= 1074
Downside Target 2= 1054

For the Thesis as to why it is a SHORT:

- the 17th April Candle was a Breakout Candle that turned out to be a BULL TRAP Candle, so all the Bulls that entered got Liquidated as the Low of the Candle was taken out
- with the 21st April Candle (latest candle) Bears entered the stock giving a Breakdown below POC of the Volume Profile
- All Insurance Stocks saw Selling on Friday, even HDFCLIFE is similar and Bears have taken over in that Stock as well. So a Weak Sector too

Note: Both SBILIFE and HDFCLIFE have Earnings on 26th April (the coming Wednesday)

Dagangan ditutup secara manual:

given the Short Squeeze in HDFCLIFE, this Trade in SBI Life is no longer high probability, hence closing it