UnionBank - Came inside the weekly channel.Its been observed that UnionBank - Came inside the weekly channel (which intersect @ 130). This a probable case for going long.
TP: 140
SL: 126 (On closing basis)
UNIONBANK trade ideas
Union Bank approaching 132 in near term.Union Bank has been entered into bearish trend and has been start retracing, we may see a 1st target of 132 as 50% fiob level to reach in near term and if this level broken next target of 138 as second target. traders may enter long in the stock with a target of 132.
Channel breakout likely on the upsideUnion Bank has been showing strength and moving upwards in the channel. Also 20 day EMA has not been broken and is above 50 day EMA. Looks set for a target of 170.
Union Bank- Inverted Head & Shoulder or Kilroy Above 155A sustained move above 155 likely will give inverted head & shoulder pattern-giving us target zone of 200-210 which is the vertical distance measured from 104 lows (Head- start) to neckline & projecting that distance above the neckline.
Union Bank of India on the edge can go either wayUnion Bank of India has been trading in up trend and now it is on the edge and can go either way, it closed forming a shooting star candle stick pattern which is very bearish sign, on the other hand it closed inside the up trend line. traders may go long if market open green with a target of 172.00 in near term or if market open gap down then it will enter into down trend will head downward to its support 122-115 near term. it is suggested to wait till breaking the 142.50 level then go short.
Union Bank breakout of rising wedge Union Bank after touching its long term resistance turned bearish towards its support and broke the support at 140.00, now stock seems to be in downward and approaching the near term support at 120.65. trader may go short on this stock with target of 120.65. If market go green and bank nifty to green then we may see upside movement else down trend will prevail.
Triangle/ divergence may trigger a long The stock is in oversold zone making divergence also getting support from the trend line. Possible long at this level on hourly chart that means it has to be continued overnight to reach the target. A good point to enter long with small stop loss.
