Stock has broken out of a long-term descending triangle pattern

29 Jul

City Union Bank has broken out of a long-term descending triangle pattern, which has been in formation for over 2 years. The breakout above the upper trendline at around INR 170 is supported by a rise in trading volume, indicating strong bullish momentum. The RSI is also trending upwards, suggesting increasing buying pressure. MACD is showing a bullish crossover, reinforcing the uptrend potential.

City Union Bank has shown consistent financial performance with a steady increase in EPS and sales over the past quarters. The bank's focus on expanding its digital banking services and improving asset quality positions it well for future growth. Recent reports indicate positive sentiment in the banking sector, further supporting the stock's upward movement.