CANARA BANKLong
CANARA BANK not so falling after all
Updated
Stock was trading in a perfect downward channel before the government infused the recapitalization (news unexpected/not anticipated/not factored in)
The stock saw a robust breakout from the channel with a huge gap-up
Stock recommendation is strong because usually after break-out with huge gap up the price tend to cover the gap and in this case it did try to do that
But little we know it ended up creating a falling wedge pattern which also tends to break-out on the upside whereas rising wedge always tend to break on the downside
NOTE:-"The pattern has a validity of 55% as compared to other patterns, this one is not amongst the few reliable ones but end up giving huge reward
"Considering the PSU banks index and the new breakout of bank nifty to all time high i see further upside in this stock"
TRADE VIEW
BUY @ 380-390
STOP @ 371.15
TGT @ 405/415
The stock saw a robust breakout from the channel with a huge gap-up
Stock recommendation is strong because usually after break-out with huge gap up the price tend to cover the gap and in this case it did try to do that
But little we know it ended up creating a falling wedge pattern which also tends to break-out on the upside whereas rising wedge always tend to break on the downside
NOTE:-"The pattern has a validity of 55% as compared to other patterns, this one is not amongst the few reliable ones but end up giving huge reward
"Considering the PSU banks index and the new breakout of bank nifty to all time high i see further upside in this stock"
TRADE VIEW
BUY @ 380-390
STOP @ 371.15
TGT @ 405/415
Trade active
Moving nicely creating a piercing line continue to hold!!enjoy!!
Trade active
holdTrade active
one can book profits or hold on to 405 levels but stock is seeing strong resistance 401!!enjoy!!
Trade active
WELL ONCE AGAIN CANARA BANK IS ON A ROLL EXPECT TO BOOK PROFITS NOWAND EXECUTE NEW BUY ORDER FOR BTST @398.50 TGT @ 402
ONE CAN HOLDON FOR THE FIRST TGT @ 405
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*index trading (options and futures)
*index update and oi analysis
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