Medium-term Swing Trade (2-7 weeks)
(Purely Price Action based trade)
Canara Bank has posted very strong quarterly and yearly results and looks bullish in the future.
It is approaching a very strong supply zone of Rs. 170-177 where it has faced rejection multiple times previously.
If this zone gets broken with a good momentum and volume the following trade can be entered into:
(Levels and analysis mentioned on the chart)
Entry Price : Rs. 176-178
Target 1: Rs. 190
Target 2: Rs. 205
Target 3: Rs. 235
___________________________________________
High Risk Traders can also enter at CMP for:
Target 1: Rs. 172
Target 2: Rs. 190
Target 3: Rs. 205
Target 4: Rs. 235
(The R2R Ratio is not very favorable in this trade)
Cheers!
(Purely Price Action based trade)
Canara Bank has posted very strong quarterly and yearly results and looks bullish in the future.
It is approaching a very strong supply zone of Rs. 170-177 where it has faced rejection multiple times previously.
If this zone gets broken with a good momentum and volume the following trade can be entered into:
(Levels and analysis mentioned on the chart)
Entry Price : Rs. 176-178
Target 1: Rs. 190
Target 2: Rs. 205
Target 3: Rs. 235
___________________________________________
High Risk Traders can also enter at CMP for:
Target 1: Rs. 172
Target 2: Rs. 190
Target 3: Rs. 205
Target 4: Rs. 235
(The R2R Ratio is not very favorable in this trade)
Cheers!
Trade closed manually:
Entry not achieved, trade not activated
Enter @Rs 156-157
Sl @Rs 146-147
RR = 1:1.6