UNIONBANK
UNIONBANK
Time Frame – Monthly
Observations: -
* Inverse Head & Shoulder pattern breakout with high volume seen on weekly chart
* Price trading above weekly & daily 200 SMA
* Price may try to touch the monthly 200 SMA and face some resistance near this level
* Long term trend is changing.
* Now monthly and quarterly closed above 110 may give confirmation of trend change from down to up.
* Price must sustain above 110 for next 3 months for good upside in long term
Resistance – 132 / 147 / 170 / 196 / 252 / 307 / 360 / 426.95
Support – 85 & 75-65 zone
DISCLAIMER: NCFM Certified Technical Analyst. I am not SEBI registered analyst. All posts are for educational purposes only. I am not responsible for your any loss or profit. Consult your adviser before taking any trade. I help people to learn technical analysis & charts reading.