Symmetric triangle breakout {Bullish}

CANARA BANK

One of the stock which can perform best with good % of retruns for long term investors...

CMP: 394.55

Technical Reasons (monthly):

1. It has made a symmetrical triangle breakout in upward direction.

2. Bollinger Bands are expanding and candles are riding the upper band though we can conclude trend is strong.

3. RSI is also in a neutral zone...

Technically on monthly charts it is very strong.. Should invest for higher returns...

Points to be carefull:

1. It is highly overbought in daily and weekly charts.

2. On daily and weekly charts RSI is above 85 and 75 respectively.

Conclusion:

Very much chances are price can be seen upto 380/370/365 regions which will be an opportunity for entering for longer term...

Targets are 450/490/550+
Stop Loss is 345



Note: Do your own study before making any position.

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Yorum:

as expected prices are decreasing due to highly over bought conditions in weekly and daily regions... TGT1 : 380 reached more to decrease... this decrease in price will give good opportunity for entring long term :)

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