Today i have made a post on CANBK - daily time frame
I hope you find this post helpful and informative👍
The targets and stop loss would be given in the charts or they would be according to pivot points
I am not a SEBI registered financial advisor
Please consider your consultant's advise a must , all the setups posted...
The reason for 350 Target:
1) The overall setup is bullish
2) The price is trading in a Channel Pattern Monthly TimeFrame , Zoom out to know why I have mentioned the target as 350
3) The bank is taking some reforms and will be one of the top-performing banks in India.
Note: This is for educational purpose only.
There is a range bullish breakout with ultra high volume. RSI is above 70 which indicates bullish momentum but also indicates overbought. There is a possibility of consolidation/ side ways movement before next up-move.
Marked on chart. If 3rd wave has completed then we may see correction till 97-95 or we might have already ended it. Move past 104 will confirm that we might have ended correction and now we are up for 5th wave. SL is 93 . Target if 140-150.
Canbank took resistance at multiple resistance zones and pushed down again. Now the stock is just at a minor resistance moving above it will be a positive sign for the stock in the short term and prices may push to 235 levels. However any failure to hold above it will result into continuation correction.