SBI Life Insurance’s negative quarterly earnings, coupled with technical analysis scenario, is an invitation to buy
The stock has been falling from January 15 so why should I buy now?Author : Gopal Aggarwal
SBI Life Insurance (NSE symbol SBILIFE) calls for a buy position with respect to the following chart:
Today the price is forming a White Marubozu candle, and this along with the last two candles almost forms a Morning Star Pattern. Both of these candlestick patterns as they are forming on the price chart of the SBILIFE are highly bullish.
Since last earnings, the stock has maintained an uptrend and it has not been broken.
Further, the recent quarterly earnings have been negative after a downfall. Thus, those in know were already aware of the negative results and now, the technical analysis scenario coupled with this observation calls for buying the stock.