NSE:UNIONBANK Monthly Analysis for longer period
Trendline Breakout
Since 2020 it has consolidated and gave breakout, now we can wait for sustain above 65 or go with small SL.
Stock Name - Union Bank Of India
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 50.
#This is not Buy and Sell recommendation to any one. This is for education...
Idea is self explanatory... In Monthly chart stock is giving breakout with good amount of volume . you can take position anywhere between 49.20 to 50. I have provided SL along with 2 targets. Keep in mind book partial profit with every target.
Note: I'm new to technical analysis , do your own maths. I'm open to new ideas and flaws in my analysis, so please do...
Union bank has come out of the trading zone and looking bullish. The volumes are supporting the breakout.
Consider buying on a pullback or buy and trail continuously. If the trade the trade goes wrong exit cost.
Should easily reach target 1 as mentioned on the chart as other the targets. These targets are set by XABCD bat and crab patterns.
Happy trading...
