BSE: CANBK: Correction is due and expected to complete at 276
Talking Points:
Technical Strategy: Hold and Buy lower
Elliottwave Count: Correction
HTG Note:
Current price action on Canara Bank (BSE: CANBK) is trading bullish move. However, script was in correction after break on monthly trend line. All PSU bank showing correction in bullish move. We are expecting correction will be on flat correction and should be completed on 276-275 zone.
Action
We are on sideline after booked our loss with 1 rupee on 290 level. Team is looking for lower level, possibly 276 to re-initiate our longs with limited risk.
-- By hoagtrading (Hoagtrading.com)
Disclaimer:
The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange or stocks on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange or stock advise you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and stock trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at Hoagtrading.com do not necessarily represent the trading advice of Hoagtrading.com or its management..Any opinions, news, research, analyses, prices or other information contained on this website, by HTG (Hoagtrading.com) provided as general market commentary and does not constitute investment advice. Hoagtrading.com (HTG) will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Technical Strategy: Hold and Buy lower
Elliottwave Count: Correction
HTG Note:
Current price action on Canara Bank (BSE: CANBK) is trading bullish move. However, script was in correction after break on monthly trend line. All PSU bank showing correction in bullish move. We are expecting correction will be on flat correction and should be completed on 276-275 zone.
Action
We are on sideline after booked our loss with 1 rupee on 290 level. Team is looking for lower level, possibly 276 to re-initiate our longs with limited risk.
-- By hoagtrading (Hoagtrading.com)
Disclaimer:
The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange or stocks on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange or stock advise you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and stock trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at Hoagtrading.com do not necessarily represent the trading advice of Hoagtrading.com or its management..Any opinions, news, research, analyses, prices or other information contained on this website, by HTG (Hoagtrading.com) provided as general market commentary and does not constitute investment advice. Hoagtrading.com (HTG) will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
Aviso legal
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