Canara Bank: Change in trend?

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Canara Bank Daily Chart



Canara Bank one of the PSU banks which saw some serious selling last year and current year but it seems that the selling pressure is likely to end and change in trend for this stock is likely.

The fall from 440 till 216 was in an impulse fashion. I have marked (i,ii,iii,iv and v) ending at 216. The recent up move is also an impluse move and the marking is i and ii, indicating wave iii on the upside can start soon soaring prices till 330 levels.

Two short term moving averages show a bullish crossover where 20 EMA (red) is above 50 SMA (blue) after almost nine months excluding the whipsaw.

In short, the view is bullish for this PSU stock as it can surge till 330 where cluster of resistance is placed over short term.

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