WizSmash

Union bank - Multiple cups and handles - 86% growth

Long
NSE:UNIONBANK   UNION BK OF INDIA
Union Bank of India is engaged in the Business of Banking Services, Government Business, Merchant Banking, Agency Business Insurance , Mutual Funds, Wealth Management, etc.#


Branch Network
Presently, the bank has a network of 9,587 branches# and 12,961 ATMs# across India.
Its network almost doubled from 4,281 branches and 6,895 ATMs before the merger with Andhra Bank and Corporation Bank.

Customer Base
The bank has a customer base of 12+ crore customers post the merger with Andhra and Corporation Bank.#

Sales growth: 84.9
Profit growth: 182%

This growth is not yet reflected in its market price. Union bank is one of the top 5 government banks. It is now above its critical resistance zone which will act as a very big support zone . Personally, I will wait for a breakout in its small cup and handle .

Disclaimer: this is an educational analysis and not a recommendation to buy or sell. Please do your own due diligence or consult your advisor before taking any action based on this chart analysis.



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