CANARA BANKHello and welcome to this analysis
Like all PSU Banks saw a very good 2021 in terms of price performance thereafter in 2022 it went into a correction mode in line with market trend. The structure of the fall as can be seen in the chart is of a slanting channel currently.
If it manages to break above 235 then 244 is the 1st line of resistance, above that 255 is where it has not one (Bearish ABCD) but two (Bearish Alt Shark) have a PRZ. The trend might see a pullback/consolidation there. Once it manages to break that resistance then above 295 it has a doubler breakout target waiting in the weekly time frame.
On the other hand, if it respects the slanting channel resistance then breaking below 219 it could retest 210-190-170
Invest wisely!
