CITY UNION BANK LTD; CMP: 170.22; RSI.47.67
City union bank chart analysis shown the completion of wave-4 retracement and now impulse wave-5 is in formation. This should take the script to new 52W high. Script is rangebound at present and has taken support to its 100 DEMA placed at 169.76. Downward retracement is limited till 160 odd levels. A long position can be initiated based on once risk appetite. Key levels to watch are as below
Accumulation Zone: 161- 165
Breakout Confirmation (on closing basis): Closing above- 177
Target: - 196-200-217-240
Stop Loss: 159
City union bank chart analysis shown the completion of wave-4 retracement and now impulse wave-5 is in formation. This should take the script to new 52W high. Script is rangebound at present and has taken support to its 100 DEMA placed at 169.76. Downward retracement is limited till 160 odd levels. A long position can be initiated based on once risk appetite. Key levels to watch are as below
Accumulation Zone: 161- 165
Breakout Confirmation (on closing basis): Closing above- 177
Target: - 196-200-217-240
Stop Loss: 159
Trade closed manually
Wave count was invalidated as W-4 retracement has continued and it breached the wave-1 territory, thus making the whole wave count invalidated .
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.