In live market cannot describe much
Canara bank has broken its previous supply zone which is now a huge demand zone and also a Harmonic half bat pattern
Buy at current levels @175 stop loss @170
Targeting 30% as first target as its a major breakout
Will not keep SL personally will keep adding at dips
Inside Bar Breakout (Daily Basis) - Volumes increased with Breakout
Moving in a Parallel Channel (Moving off the lower channel)
Targets: As mentioned in the chart
Analysis ONLY - NOT a Recommendation
Please refer all the chart noting's, I have explained most of the things in the chart.
Target shall be 110-130 levels and SL will be breakdown below 50EMA on a closing basis.
If you are an Investor - Invest Patiently
If you are a trader - Trade cautiously
Multitimeframe trendline BO +Ascending triangle + channel BO + good volume + trading above all MA
Target @245 ( 40%)
check our Recent analysis from related idea
FOLLOW , LIKE , COMMENT & SUPPORT
Stock is moving with Higher Low's.
Ascending Triangular Pattern breakout confirm on Weekly chart's.
Breakout candle is very strong.
MACD supportive to breakout.
MACD Indicated Positive crossover too along with Sharp Uptick in RSI.
RSI comfortably staying above 60. One can see consolidation near 50-60 zone too.
Stock has given breakout with Strong Volume Rise....
In bigger timeframe it is in downtrend for years.
Now showing good up move in daily timeframe and has multiple
reasons to continue bullish momentum.
But not sure till where it will last.
Resistance zone is near too.
This post is for information purpose only.