PSUBANK: Elliott Wave Analysis and Technical BreakoutTechnical Analysis: PSUBANK Index
Elliott Wave Analysis
The chart reveals a potential Elliott Wave structure within the PSUBANK Index. We're currently observing a bullish development within wave 5. This bullish impulse is supported by a clear upward trendline breakout.
Key Points:
Resistance Trendline Breakout: The index has decisively broken above the resistance trendline, suggesting a potential reversal of the previous downtrend.
Bullish Divergence: The presence of a bullish divergence between price and momentum indicators, often signals a potential trend reversal. This divergence adds credence to the bullish outlook.
Wave Structure: The current structure aligns with an impulsive wave pattern, where wave 5 is typically the dynamic move after corrective 4th Elliott Wave sequence.
Potential Scenario
Based on this analysis, we can anticipate a continuation of the bullish trend, potentially leading to the development of wave 5. This could drive the index higher, with the upside potential potentially reaching the 8000-8200 zone.
Trading Implications:
Bullish Bias: Maintain a bullish bias for the PSUBANK Index, given the strong technical signals and potential for further upside.
Entry Points: Consider entering long positions on pullbacks (if any).
Stop-Loss: Place a stop-loss below the 6185 level, which would invalidate the bullish scenario.
Risk Management: Implement proper risk management techniques, such as using stop-loss orders and position sizing, to protect your capital.
This analysis is based on Elliott Wave Theory and technical analysis, which involves multiple possibilities and interpretations. The information provided is for educational purposes only and should not be considered as financial advice. It's crucial to conduct your own research and consult with a financial advisor before making any investment decisions. There is always a risk of being wrong, and users are advised not to trade or invest solely based on this analysis.
Remember: Elliott Wave analysis is a complex tool that requires practice and experience. It's essential to approach it with caution and always consider the potential risks involved in trading.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
CANBK
Canara Bank - Long Setup, Move is ON...#CANBK trading above Resistance of 535
Next Resistance is at 661
Support is at 447
Here are previous charts:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Canara Bank - Long Setup, Move is ON...#CANBK trading above Resistance of 447
Next Resistance is at 535
Support is at 359
Here are previous charts:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
CANBK Bearish Divergence by RSI Canara Bank (CANBK) is showing bearish divergence with momentum and price which means that upmove is losing it's momentum
How can i say this ?
Because Prices are rising and momentum (RSI) is not rising in the given direction which shows lack of strenght, doesn't mean it cannot move upwards but the probability of moving down is more.
This view can help us,if not short then atleast staying light on the upside.
Canara BankCANBK:- The stock has given breakout after 5 years it is a good stock for short term with good volume.
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know about all the successful trades based on price action.
Thanks,
Ajay.
keep learning and keep earning.
What Type of Charts/Picks u want ?NSE:CANBK
Sharing levels on regular basis, keeps on my followers increasing and the messages too.
But when i see the boosting (LIkes) not able to see upto the mark.
Kindly let me understand what type of charts you guys are expecting from me, are my charts useful for your trades/study ?
let me know your views....
Based on your replies will try to refine the picks or analysis as per need. Expecting promt reply if my charts were useful, else kindly ignore and check this chart too....
NIFTY : 18 OCT#NIFTY50 Under 1day candle nifty is in range bound between 16750 - 17450.
* DAY CHART TREND ANALYSIS : MILD BULLISH TREND
* 1Hr chart : Crucial resistance at 17350, yesterday nifty fails to take out this resistance. Can assume 17350 act as an strong resistance in
upcoming trading days
* 1Hr TREND ANALYSIS : BULLISH
* TODAYS OI DATA :
CALL OI 17300 : 67L
PUT OI 17300 : 52L
PCR : 0.76
* SECTORS TO WATCH OUT :
BANKING SECTOR - Specifically #SBI
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!