UNIONBANK Long Tern trend changing

23 Eyl 2023

UNIONBANK UNIONBANK

Time Frame – Monthly

Observations: -
* Inverse Head & Shoulder pattern breakout with high volume seen on weekly chart
* Price trading above weekly & daily 200 SMA
* Price may try to touch the monthly 200 SMA and face some resistance near this level
* Long term trend is changing.
* Now monthly and quarterly closed above 110 may give confirmation of trend change from down to up.
* Price must sustain above 110 for next 3 months for good upside in long term

Resistance – 132 / 147 / 170 / 196 / 252 / 307 / 360 / 426.95

Support – 85 & 75-65 zone

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