Saturday, 22 December 2012

UNION BANK OF INDIA- DAILY CHART ANALYSIS-CMP 263.25- DEC 21 2012- CONSOLIDATION BEFORE BULLISH BREAKOUT?

The Union Bank of India stock is poised for a technical breakout in the coming days as Bulls challenge a 8 month resistance trend line near the 270/75 zone.This level may be taken out after a brief consolidation after a continuous rise over the last 3 months. The possible Fibonacci retracement targets are marked on the chart. A break above the 280 mark will target levels of 310/340  in the coming months. A break below the lower the channel will cancel our bullish view.

UNION BANK:CONSOLIDATION BEFORE BREAKOUT















Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours but subscribers may have long positions in their individual capacity. 

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