Canara bank started its upmove from levels of 80 and now it trading around levels of 310 almost have given a rally of 4times in last 2 years
Now on weekly time frame counter is trading around resistance levels of descending trend line, which is around 310-325 levels,
in last one week counter is consolidating in range 303-315 levels and now able to sustain...
Counter have given move from 220 to 315 levels with out any retracement,
wolf wave formation,, suggest counter is overbought
RSI divergence in seen on higher time frame
descending trend line resistance around 315-325 range
counter is at caution levels,,
reversal if unfolds will be dangerous,
time to look at your investment if any in this counter
Canara Bank reported healthy earnings led by robust NII/Loan growth and controlled provisions. Margin expanded 6bp QoQ aided by improvement in CD ratio. The bank further carried 25% provisions on its SREI exposure. The management is confident of sustaining growth in advances led by a broad-based performance across all segments and has a strong focus on bringing...
We are looking at weekly chart of Canara Bank
Phase 1 - Trading in a parallel channel from Mar 2018 to Aug 2019
Phase 2 - Trading in a parallel channel from Feb 2020 to Aug 2021
Phase 3 - Canara Bank is back in the same zone as between Mar 2018 to Aug 2019
296-310 zone is crucial resistance zone for the stock. It could be a strong breakout if sustained above...
* NIFTY INDEX : RESISTANCE AT 17550 - STRONG SUPPORT AT 17000.
> After two day rally, Nifty may go for consolidation mode. Banking Sector rally may continue, that will make nifty to break 17600.
> Global Market seems to be in consolidation Mode or Profit Booking after huge rally for past 2...
Elliot Wave Count:
Fall from Feb 2022 highs is in 3 Wave as ABC which is (W)
Rise is an (X) Wave with Lot of Overlapping, Falling Volumes and a Bearish RSI Divergence
Now Wave (Y) on the Downside is playing out
Stop Loss above 241
Hi guys we will buy Canara Bank because it has fallen quite a lot after the crash and has stabilized a little bit and if we look at the Us and
the India markets they are looking bullish so Canara Bank will also show signs of bullishness and it would be pretty good trade.
That's all make sure to follow and like