johntradingwick

City Union Bank - Potential Bulish Scenario

Long
NSE:CUB   CITY UNION BANK
The price breached the downtrend line with high volume and rallied to change the market structure. At present, the RSI is at ~63. The price may test the 170 for demand before moving up. This narrative is supported by the need for RSI to cool off a bit or else the move will soon become extended. Long positions can be added on the retest of 170 level. The market structure is clearly bullish and all the dips must be seen as buying opportunities.

The targets which I am looking at:
Target 1: 183
Target 2: 198

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

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P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk.

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