manmohansolanki

Inverted Head and Shoulder / Breakout

Long
NSE:CANBK   CANARA BANK
Canara Bank has formed Inverse Head and Shoulder Pattern on the daily time frame.
Broken resistance on high volume candle
Now the resistance will act as support if the stock retest its resistance look for an opportunity to buy at 156-155
Buying at retest will enhance the Risk-Reward ratio

Target 184
SL 153 (50%)
SL 147 (50%)
Trade closed: stop reached

Comments

target ?
Reply
chinmaypatnaik vishal_tambade
Reply
manmohansolanki chinmaypatnaik
@chinmaypatnaik, Stock will face major resistance above 184
Reply
chinmaypatnaik manmohansolanki
@manmohansolanki, and will break that even. 😉
Reply
manmohansolanki vishal_tambade
Reply
one quick question sir is SL/target is daily closing basis or trading basis
Reply
@RK_000, it should be on a closing basis, now enter on engulfing candle
Reply
RK_000 manmohansolanki
@manmohansolanki, thanks for quick response sir.
You mean to say enter above 163 with SL 153/147 or enter tommorw over friday high 159.5/160?
Reply
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