Hadrien Mendonca
City Union Bank has been consolidating for the past eleven weeks and is finally on the verge of breaking out from a Symmetrical Triangle pattern on the weekly chart.
Our daily chart analysis indicates that the stock has broken out from a Pennant pattern which further accentuates our bullish stance on the stock.
Rising volumes and relative strength further indicate that the momentum is likely to extend further. We expect the stock to make an attempt to rally towards its potential target of Rs 204 in the medium term.
Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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