Canara Bank Elliott Wave Analysis

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 Canara Bank daily chart


Canara Bank hourly chart

In the above daily chart, Canara bank is moving below the black trend line which is falling, this clearly indicates that the trend is negative for this banking stock. Daily RSI has also reversed from the overbought zone and it is just above the level of 50.

In the hourly chart, prices are moving in a sideways direction mainly in a range of 96-85. Recently it tested the upper range and is now moving down to probably test the lower range of the pattern. Hourly MACD is in negative terrain which is below the center line giving a sell signal.

From Waves perspective, it seems that prices are moving in wave c after completing wave b in a flat pattern. This wave c which will be impulsive in nature will test 85-82 levels.

The summation is Canara Bank is negatively poised and is all set to plunge within 85-82 price zone with resistance at 94 (closing basis).

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