Union Bank (NSE: UNIONBANK) is displaying a classic Cup and Handle formation on the weekly timeframe, indicating a potential continuation of the long-term uptrend.
Technical Overview:
• Pattern: Cup & Handle
• Breakout Zone: ₹150–155
• Target Zone: ₹175–180 (≈16–17% potential)
• Support Levels: ₹138 and ₹132
• Moving Averages: Price trading above 20W and 50W EMA – positive structure
• Volume: Increasing near the breakout area, confirming accumulation
• RSI: Sustaining above 60, reflecting improving bullish momentum
Observation:
A decisive weekly close above ₹155 with healthy volume could validate the pattern and trigger the next leg of the rally. The setup remains valid as long as price sustains above the handle’s low around ₹138.
Disclaimer: This analysis is for educational purposes only and not a recommendation to buy or sell.
Technical Overview:
• Pattern: Cup & Handle
• Breakout Zone: ₹150–155
• Target Zone: ₹175–180 (≈16–17% potential)
• Support Levels: ₹138 and ₹132
• Moving Averages: Price trading above 20W and 50W EMA – positive structure
• Volume: Increasing near the breakout area, confirming accumulation
• RSI: Sustaining above 60, reflecting improving bullish momentum
Observation:
A decisive weekly close above ₹155 with healthy volume could validate the pattern and trigger the next leg of the rally. The setup remains valid as long as price sustains above the handle’s low around ₹138.
Disclaimer: This analysis is for educational purposes only and not a recommendation to buy or sell.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.