UNION BANK OF INDIA : LONG CALL Buying Signal in UBI with Three Green Hammers and Rising Lower Low. MACD cross over and RSI cross over supports the idea of buying. The important levels are marked on chart.
Summary :
Buy above 73.60
SL @ 70.50
Targets : 77.80 , 83.36 , 89.05 and 94.17
This study is only for education purpose and shall not be considered as TIP to buy or Sell.
Good Luck !!!
UBI
Union Bank of India: Cup & Handle BreakoutThis is my view on UNIONBK;
CMP 44.4 | T1: 60 (~36%) | T2: 70 (~57%) | T3: 86 (~93%)
The rationale for the going long:
- Substantial increase in the volume compared to past 5years.
- Increase in price with volume expansion
- RSI Bullish Divergence
- RSI breakout above RSI 60 level
- Cup & Handle Pattern formation
- Highest revenue and net profits in FY 2021 & TTM QE June 2021 (in past 10years).
The stock may retest the breakout level, that could be a perfect entry point for conservative trades.
Readers, please note this is meant for educational purposes only.