Hi Traders/Investors,
This is a Swing/Positional Trade.
I can see a possible bullish momentum can still occur in Canara Bank in upcoming period because of,
1) Breakout and Retest of symmetrical triangle pattern .
2) Increase in Volumes in recent times.
3) Breakout of Resistance level ( approx. from 2 years ) with High volumes, as Longer the resistance holds and breaks stronger the move it makes.
4) RSI indicator taking support at 60 and moving upside.
Entry : 240-245 levels
Stop loss : 228
Target : 300
Giving a Risk to Reward of 1:3.5 and Returns up to 23%.
Please don't make any decision solely based on this analysis.
Give a thumbs up if you liked this analysis as this requires deep research.
This is a Swing/Positional Trade.
I can see a possible bullish momentum can still occur in Canara Bank in upcoming period because of,
1) Breakout and Retest of symmetrical triangle pattern .
2) Increase in Volumes in recent times.
3) Breakout of Resistance level ( approx. from 2 years ) with High volumes, as Longer the resistance holds and breaks stronger the move it makes.
4) RSI indicator taking support at 60 and moving upside.
Entry : 240-245 levels
Stop loss : 228
Target : 300
Giving a Risk to Reward of 1:3.5 and Returns up to 23%.
Please don't make any decision solely based on this analysis.
Give a thumbs up if you liked this analysis as this requires deep research.