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Accumulate City Union Bank; tgt of Rs 58: ICICIdirect.com
ICICIdirect.com is bullish on City Union Bank and has recommended accumulate rating on the stock with a target of Rs 58 in its July 7, 2011 research report.
ICICIdirect.com is bullish on City Union Bank and has recommended accumulate rating on the stock with a target of Rs 58 in its July 7, 2011 research report.
"City Union Bank's recent price action is a medium term bullish technical event as the breakout has occurred from a 30-week long `Triangular consolidation pattern' around price level of Rs 46.5. By Wednesday, July 6, the stock has posted 1.5 times the average weekly volumes of the past five weeks validating the breakout. In technical parlance, Triangles are usually formed as a trend continuation pattern. The stock earlier rallied from the lows of Rs 10 to a high of Rs 53.4 during March 2009 and December 2010."
"Among momentum indicators, the 14 period RSI on the weekly chart reflects the continuation of a Bull trend as it oscillates in the positive zone. Measuring the implication of the price pattern indicates a strong possibility of the price rallying towards target of Rs 56- 58 over a period of 12-16 weeks. Strategy: Accumulate the stock at the CMP of Rs 47.70 and on declines up to Rs 46.50 levels for a target of Rs 58. A change of view will be warranted if the stock posts a weekly close below Rs 44 levels," says ICICIdirect.com research report.
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