CANARA BANK --DAILY CHART - TRENDLINE BREAKOUT .
1. Trendline breakout seen on daily chart as bank nifty seen bullish trend and can outperform in next few session
2. Stock will be good uptrend momentum from this level since RSI moving above 60 level
3. HULL moving avg seen bullish at current level
4. MACD bullish
BUY CANARA BANK @ 239
Canara Bank broken out from the downtrend it started in 2010 and now I am expecting a good reversal from here for this stock. One can hold it for the target of 275/300/400++ with stop loss of 185. Lets see how long it will move.
Canara Bank as per monthly chart pattern analysis from bearish inverted hammer candle today had turned into bullish gravestone doji and hopefully if the market is reversed after todays bull run then the stock from december onwards should move uptrend. Holding the stock and happy trading to all.
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.
POSITIONAL LONG TRADE IN CANARA BANK
-LIKE EARLIER CALLS WE WERE EXPECTING A PULLBACK TO BREAKOUT LEVELS
-WE NOW EXPECT BIGGER TARGETS
CHECK PREVIOUS IDEA
CHECK PREVIOUS IDEA
DEC FUT/JAN FUT