Union Bank of India: Cup & Handle Breakout
This is my view on UNIONBK;
CMP 44.4 | T1: 60 (~36%) | T2: 70 (~57%) | T3: 86 (~93%)
The rationale for the going long:
- Substantial increase in the volume compared to past 5years.
- Increase in price with volume expansion
- RSI Bullish Divergence
- RSI breakout above RSI 60 level
- Cup & Handle Pattern formation
- Highest revenue and net profits in FY 2021 & TTM QE June 2021 (in past 10years).
The stock may retest the breakout level, that could be a perfect entry point for conservative trades.
Readers, please note this is meant for educational purposes only.
CMP 44.4 | T1: 60 (~36%) | T2: 70 (~57%) | T3: 86 (~93%)
The rationale for the going long:
- Substantial increase in the volume compared to past 5years.
- Increase in price with volume expansion
- RSI Bullish Divergence
- RSI breakout above RSI 60 level
- Cup & Handle Pattern formation
- Highest revenue and net profits in FY 2021 & TTM QE June 2021 (in past 10years).
The stock may retest the breakout level, that could be a perfect entry point for conservative trades.
Readers, please note this is meant for educational purposes only.
Penafian
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