Canara bank

31 Jul 2021

After completing the 5 waves rise, canara bank has been in Corrective phase since february 2021, the entire Corrective phase looks like a part of complex correction, recently the daily Macd indicator has turned Bullish, and the stock has formed a positive weekly close, after taking support at the 50 weekly ema, the chart setup is suggesting that the Corrective phase in the stock is near completion and it is gearing up for the next leg of up move. The stock can gain momentum once it breaks and sustain above the resistance line which is currently at 160.
Overall it is one type of paisa double pick investment pick
One can go Long at current level or in dips (if any)

Breakout with Good intensity of Volume

Key Levels are Mentioned on chart

Macd in daily positive crossover and Uptick

Macd in hourly positive crossover and Uptick and also above zero

Rsi in hourly above 60

dmi and adx are positive


Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing