Canara Bank cmp 328 has been reporting decent quarterly financials in terms of its asset quality and profit numbers. Attached monthly chart shows a crucial 4 year high resistance at around 300 marked in solid bold blue line. This was crossed in December 2022 and post that stock price has gone into a triangular consolidation above and below the level of 300 and it has been almost 9 months of this . In July 2023, stock price broke out of this triangle and hit a fresh swing high of 351, crossing previous swing high of 341 and again seems to be consolidating post this triangular breakout.
Another interesting aspect of this chart is the breakout from falling trendline shown by dotted blue lines. The whole previous correction in price from 844 in October 2010, to a low of 74 is in form of a triangular structure shown in chart. Breakout from that falling long term trendline happened conclusively in July 2022.
disc: invested as a techno funda bet.
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