For educational purpose only.
W pattern is on the verge of making. Double bottom formation. Can move from 275 to 300. If it comes down it may come at 0.5 line (fibonacci levels).
ONLY Learning and trading ideas.The stock has resisted around 300 levels for quite few trading sessions and now is ready to break the resistance. With PSU banks moving upside this stock may give you decent returns. Levels given in the chart.
Canbk has recently broken the Uptrend line and has reached a nearby crucial support. Now it can take different paths going ahead. each arrow identifies one move. For the next arrow to start, a breakout needs to happen with an Impulse. I will keep it on watch list going ahead as there will be multiple trading opportunities. Will keep you posted on the updates as...
NSE:CANBK Sell initiate for 01 Nov 2018 using 1 hr chart based on Fibonacci levels, check below Sell level
Sell Below : 257.7
Stop Loss : 269
Target : 250.05
CANARA BANK
CMP 235
Target 180
Stop 270
Weekly Chart
Stock has convincingly broken down an important support zone at 249, which could potentially act as a resistance zone going forward.
Stock could possibly retest the new resistance zone, which ideally is a shorting opportunity.
Hence, shorting suggested at levels 245-249 with a stop of 270 for a target of 180.
In this video i attempted to explain long term Trend following strategy using weekly ichimoku chart which offers excellent risk: reward opportunity for long term Trades.
