C A N A R A B A N K CANBNK Fut made flag n pole pattern on an hourly charts with decent OI addition suggesting long build up & its about to break out of formation.
Could be bought with mentioned stoploss & target.
Canara Bank is in the Resistance area !!!The chart shows the price near to the Resistance level
Note that once a 38% retracement is taken place.
Now it can be either a breakout from the present level or correction
Note: For educational purpose
CANARA BANK TECHNICAL ANALYSIS.CANARA BANK - 4HR TF Analysis
It has formed good base at 186-196 levels , from where it has given bounce back.
It was resisting from a trendline since last 2months, recently it gave breakout from that resisting trendline.
BUYING RANGE 219-22
TARGETS 233-247-264 - 274
CANARA BANK LONGReasons to buy:
-RSI above 60
-MACD Crossover
- High volume than previous days!
- Out of F & O ban, at least for the next two days!
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Frequently Asked Questions
The current price of CANARA BANK FUTURES is 588.30 INR — it has fallen 1.13% in the past 24 hours.
The volume of CANARA BANK FUTURES is 11.24 M.
Open interest is the number of contracts held by traders in active positions — they're not closed or expired. For CANARA BANK FUTURES this number is 62.38 M. You can use it to track a prevailing market trend and adjust your own strategy: declining open interest for CANARA BANK FUTURES shows that traders are closing their positions, which means a weakening trend.