Bravetotrade
Short

Canara Bank

NSE:CANBK   CANARA BANK
Notes on the chart.

Hit like/comment if above information is useful.
Trade safe.

Regards
Bravetotrade
Comment: If the stock goes up anywhere between 344 to 348, I ll look for selling opportunities. On the other hand, If a down move pushes it below 330 then I ll look for sell opportunity on pullback/retest 330

If one has to play on long side, look for buying opportunities above 338.50 to play the upside.


Comment: Did not come off 320 as of now. But I ll look for selling opportunity if it pulls back to 344 in near future.


Comment: Observing a nice squeeze on this hourly. Although the momentum has shifted from downwards to sideways, Its only the direction of the expansion which can decide the future action.

A break on the upside may easily take it up to 350/360, While a breakdown will easily shoots towards 325/320.


Comment: It broke the range on downside. Break below 336 is a must confirmation for initiating short.
Comment: If it doesn't break 336 but rather crosses 341 on upside then it would be a fresh long for 350.
Comment: The upmove beyond 341 today faded the yesterday down move and it never broke 336 too. This strength might take us near 350 and that is the only target for this trade.
Comment: Ask me if this pennant break a failure and I would say I dun know :) All I know is that I took this position @ 341 and took out partial @ 342.80 through a stop order.
And my SL for the rest of position is @ 336. I ll still suffer some if my stop gets hit.
And yes at that point I would call it a pattern failure.

Comment: I am out with stop order.
Comment: Just look at the chart on the day of publication and the following chart. I wonder how patient one has to be as a trader. Sometimes we start collecting coins and miss bundles of 2000 notes :D


Hello. Is 348 levels not a important resistance levels for long. What if it breaks 348. Then it is a clear move to 374. This has b3en the case in past. Nut yes last 12 days view is very very weak. Tested 320 once. Any close below 320 will surely take this to 285 levels as mentioned on the charts . Will also look for shorting opportunity with preferable below 320. I cannot handle 4iak at 348 levels. Ha ha
Reply
Bravetotrade dhirajsabharwal28
@dhirajsabharwal28, it's imp. That's why it's on the chart and comment. As u say it's resistance, we may look for reversal with stops in place.

Breaking it is a different setup. Plz have a look at short term long setup mentioned in the comment above. One can stay in buy mode as long as not stopped out.
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Good one.
Reply
@vanathi, thanks.
Reply
@vanathi, Had a nice short in the morning.
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