SBI Analysis - Jun 16th to Jun 21st '12

SBI had strong support at 2130 level and that line forms the shoulder. On charts with SBI moving up again above 2130 confirms inverted head and shoulder pattern and that shows bullish uptrend possible

Trend line also shows that next resistance is around 2217 - 2218, which is 61.8% fibonacci retracement on EOD chart

A bullish upmove can take it beyond 2218 and maximum to even 2350, but then upmove in Nifty has to confirm that movement up. 

In the below chart MACD has started to point upwards and should start diverging as well

Force Index is pointing upward and can make some move upward

Keep SL at 2130 and go long we should see 2217 - 2218 levels easily