Canara Bank Elliott Wave Analysis

 Canara bank daily chart

As seen in the daily chart, prices have completed the bullish cup and handle pattern. There is a bullish break well above the horizontal trend line and it is now whipsawing that level.  At current juncture it is moving in a range of 175-155 levels. As far as prices persists in this range, no trending move is expected soon.

The bullish break will only happen above 175 which can soar prices in near future. On the upside this banking stock can reach till 210-215 levels over short to medium term, which happens to be the pattern target. RSI is also above the center line which is a positive sign. As per the pattern the stop loss should be at 104.4 levels.

From Waves perspective, prices have completed wave i and possibly wave ii, which now opens wave iii higher. In wave iii it has likely completed wave (i) and (wave (ii) so wave (iii) of wave iii is on the  brink to start followed by wave (iv) and wave (v) which will complete wave iii.

The summation is prices are firmly positive and can reach 210-215 levels once 175 level is crossed decisively with support placed at 125 followed by 104.4.


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