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.
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