'Bullish' on Union Bank for Short Term

skp_will_rock Updated   
The scrip was in a corrective phase after reaching a 52W high of 96.40.The scrip gave a breakout from the triangle pattern on daily time frame forming a large bullish candle on 03.03.2023 rising 8.3 percent to 72.40 with above average volumes.

The stock is trading higher than 8 day, 21 day, 100 day and 200 day EMA . However, it is trading below its 50 day EMA of 75.51. Price crossed 21 EMA of 70.54 on 03/03/23 with above average volumes. Delivery volumes were more than 2x higher than weekly average Del. volume and nearly 4x the monthly average del. volumes.This suggests that the price action is bullish for the short term.

In its forward journey the price might take resistance near its 50 EMA of 75.51. A cross above 50 EMA will signal going long for medium term.

Target 1 : 77
Target 2 : 84
Target 3 : 89
Target 1 achieved on 4th May'23.

The stock is expected to take support around 68.95 - 67.50 levels and bounce back.
A close above 77 on daily chart will now push Union Bank towards next target of 115.
Target 2 achieved today!!!!!!
All targets achieved as on 21st Jul'23 !!!!!!!!!!!!!

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