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!
Comment
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Good Entry Point for traders willing to take the high risk trade: