CMP: 138
TGT and SL given below
It is observed that Union Bank is moving in an ascending channel. So lower trendline is support and upper is Resistance. So it can breakout either ways. So watchout for the breakout. Tgt after breakout would be the height of channel, in this case is 11 pts. The two red lines are good S & R levels. So buy above the lower red line i.e 141 (on closing basis). Tgt would be upper trendline i.e 159. SL can be the lower trendline or 140 as per our comfort.
Disclaimer: I am a novice at charting and this chart is for educational purpose purely. Views and opinions are most welcome.
TGT and SL given below
It is observed that Union Bank is moving in an ascending channel. So lower trendline is support and upper is Resistance. So it can breakout either ways. So watchout for the breakout. Tgt after breakout would be the height of channel, in this case is 11 pts. The two red lines are good S & R levels. So buy above the lower red line i.e 141 (on closing basis). Tgt would be upper trendline i.e 159. SL can be the lower trendline or 140 as per our comfort.
Disclaimer: I am a novice at charting and this chart is for educational purpose purely. Views and opinions are most welcome.
Trade closed: stop reached:
I has given a breakout out of the channel on the downside. Can go short now with tgt 128
Trade closed: target reached:
Target achieved on downside, exit