This is the pure PRICE ACTION based analysis of Canara Bank stock.
Since it made a double bottom with rsi divergence, it has to come up.
Also it is consolidating up side with rsi also, there is more likely to go long.
This Bank is setting up well for the target of 175 and 210
Stock is consolidating in a tight range for long and it having not joined the bull party yet could also be the reason for this run
The latest retracement (ie from 3rd week of April'21 till 4th week of May'21) is very bullish. Right now it is in its long term support/resistance zone from early 2016. Above it there is another such possible resistance region which has relevance since 2019. It can consolidate between these regions and make a break out. Since there is positive news in market that...
Entry Price: 155.40 (Retest Entry Technique)
After a small markup phase, the stock is consolidating. Today's bullish wick at the bottom of the rectangular pattern can be considered as a buy signal.
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THE INFORMATION IN MY IDEAS IS PROVIDE FOR EDUCATIONAL OR INFORMATION PERPOSES ONLY.
THIS IS NOT FINANCIAL ADVICE.
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MAKE SURE TO HIT THE LIKE/SUPPORT FOR MORE
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WISE YOU SUCCESS
Stock is very near to its 52 week low and also trading in the accumulation zone. if the stock breaks its 52 week low of 302 and the lower band of accumulation zone then it can test the next zone at 220 . above 340 the stock can see levels of 405 and from there 495-545. stockdada.com