Sell CANARA BANK
|Sell Range||169 – 165|
|Target||150 – 145|
|Duration||15 – 20 Trading Days|
|Potential Returns^||10 – 13%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Returns^|
|165.55||SELL||169 – 165||150 – 145||173||15 – 20 Trading Days||10 – 13%|
# CP – closing price on Feb 24, 2020
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 158.
^ Potential returns are calculated based on the median of sell range.
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COMPANY OVERVIEW - CANARA BANK
Canara Bank offers personal banking service such as savings accounts, recurring and fixed deposits, current accounts, investment plans, general and health insurance products, tax assistants, mutual funds, depository and card services. They also provide term loans, working capital finance, infrastructure finance, syndicate loans etc. In Q3FY20, Canara Bank net profit drops to 9.67% to Rs 329.62 crore on a quarterly basis.
|Sectoral Index||Nifty Bank|
CANARA BANK TECHNICAL ANALYSIS (WEEKLY)
- Look at the weekly chart since 2009. The lows are clearly holding the price movement. Thereby making it a strong support.
- Canara Bank share price recently make Breakout below the true crucial Yearly Resistance, at 170. This is typically viewed as a trading opportunity: go short when the price breaks lower
CANARA BANK TECHNICAL ANALYSIS (DAILY)
- The stock was moving Lower Tops and Lower Bottoms at Daily Charts since January 23, 2020.
- Canara Bank is trading below the 10 days and 20 days Moving Average and recent closing below the Yearly Support showing confidence of my view.
- Overserve the candlesticks since the downfall starts. Do you notice a series of black candles? Further southward journey expected in coming sessions.
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⭐️ 𝗨𝗹𝘁𝗿𝗮 𝗘𝗾𝘂𝗶𝘁𝘆 𝗔𝗱𝘃𝗶𝗰𝗲 𝟭𝟭𝟲:— Goodluck Capital (@CapitalGoodluck) February 25, 2020
Multiyear #trendline #breakout since 2009. #Share price closed below yearly #support. Series of black #candlesticks suggest #bearish #momentum. #RiskReward ratio for this #trading is 1:3.
● Original post https://t.co/JcEfMnaH3Q