Hourly timeframe analysis of Canara Bank

Aug 12, 2023

A short-term trade can be initiated based solely on the hourly trendline. This approach offers a trade opportunity with a risk-reward ratio of approximately 2. (Though the potential upside seems considerable, it's wise to consider 2 as a minimum expected ratio.) For this short trade, the stop loss can be determined by looking at the support trendline drawn in the hourly timeframe or the latest low. As for the target, aiming for a price range of 350 to 360 could be a prudent strategy.