Technical Outlook & Trading Strategy:-
On the daily chart the stock has formed a Bearish Harami Candlestick Pattern. Traders should note that a Bearish Harami candlestick formation is a significant bearish reversal candlestick pattern suggesting downside for the stock.
We recommend traders to sell 50% below 421 and again in the range of Rs 423 – Rs 425 levels with a stop loss placed above Rs 433.6 levels for targets of Rs 408 – Rs 400 levels.
Wednesday, July 27, 2011
Canara Bank CMP—Rs 514.8
Technical Outlook & Trading Strategy:-
The share price movement of Canara Bank from 24 May 2011 till date has formed a symmetrical triangle pattern.
It should be noted that symmetrical triangle patterns signify distribution and suggest price declines once the breakdown is recorded (at Rs 510 for the said pattern).
A breakdown suggest a downside movement with possible price targets of Rs 495- Rs 480 / Rs 470 in a short period of time.
We recommend traders to sell 50% below Rs 510 and again in the range of Rs 512 – Rs 515 levels with a stop loss placed above Rs 525.6 levels for targets of Rs 495 – Rs 480 levels, expected to be achieved in coming few Sessions.
The share price movement of Canara Bank from 24 May 2011 till date has formed a symmetrical triangle pattern.
It should be noted that symmetrical triangle patterns signify distribution and suggest price declines once the breakdown is recorded (at Rs 510 for the said pattern).
A breakdown suggest a downside movement with possible price targets of Rs 495- Rs 480 / Rs 470 in a short period of time.
We recommend traders to sell 50% below Rs 510 and again in the range of Rs 512 – Rs 515 levels with a stop loss placed above Rs 525.6 levels for targets of Rs 495 – Rs 480 levels, expected to be achieved in coming few Sessions.
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