In recent CUB chart show AB lag
Simply identified chart pattern is AB=CD
So, as per this pattern our target is 235 to 237.
Stop loss is low of point C ....
Now as per my trading style
one can look for buy above 188 for target of
& Stop loss is 168 So Risk of 20 point for target of 49 point
Risk reward ratio 1:2.45
The stock has been under secular uptrend over past two years. Currently highs in the 188-193 zones, the stock has been consolidating in a sideways move over past couple of weeks. The prices have attempted a breakout and is set to assume its up move again. The Weekly MACD has reported a positive crossover and it is now bullish while trading above its signal line. A...
CUB - cmp 172.
Bias : Long
1) Price holds support at upward sloping trend line.
2) Price holds support at 30 week ema.
3) Double bottom formation in a bullish structure.
4) Cup formation observed.
5) Price pierces past downward sloping trend line with above average volumes.
6) Stop : Breach below 30 week ema.
Script - City Union Bank
NSE Code - CUB
Pattern - Symmetric Triangle
Breakout - Either Long nor Short
Trend - Neutral
Position - Long
Entry - above 160.90
Exit - 167.90
Stop loss - 156
Position - Short
Entry - below 154.5
Exit - 148.50
Stop loss - 159
CUB has always bounced off its 20 day EMA multiple times in recent past from 82 odd levels. In today's trade it tested its MA and closed above it. If history repeats itself, it should test its previous high and potentially break it.
Good risk reward at current prices for entry.