AbhishekHSinghCMT

Union Bank- Inverted Head & Shoulder or Kilroy Above 155

Long
AbhishekHSinghCMT Updated   
NSE:UNIONBANK   UNION BK OF INDIA
6
A sustained move above 155 likely will give inverted head & shoulder pattern-giving us target zone of 200-210 which is the vertical distance measured from 104 lows (Head- start) to neckline & projecting that distance above the neckline.
Trade active:
08:24 Hrs 16th Nov2016

Last Price@148

Likely a gap here as well to activate Kilroy pattern but look for neckline which was acting as resistance could act as good support & a re-entry point for taking longs.

Trade with caution
Trade active:
11:00 Hrs 18th Nov2016

Last Price@157

Had Union Bank started its Up Move

Trade active:
17:04 Hrs 21st Nov2016

Closed@149

Neckline should support UB
Trade active:
10:31 Hrs 23rd Nov2016

Last Price@147

After breaking neckline it went up & now dropped again on neckline. Likely neckline should act as support -if it fails to support-then we should be careful in long or buy positions.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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