ParthaKuchana.com   Stocks & Technology
Finance
© 2024 Partha Kuchana. All rights reserved. Unauthorized reproduction or distribution is strictly prohibited. Visit ParthaKuchana.com for more information.

Canara Bank (CANBK) Stock - Complete Technical Analysis - Oct 14, 2024

Canara Bank Stock Analysis: Uncovering Key Support and Resistance Levels

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Analyzing the technicals of Canara Bank (CANBK) stock, currently trading at 104.49, we notice a price that is 18.94% below its 52-week high of 128.9, reached on June 3, 2024, and 52.72% above its 52-week low of 68.42 from October 26, 2023. Recent trading has shown a pattern of indecision, highlighted by a Doji and a Spinning Top candle, indicating uncertainty among traders.

Looking at key technical indicators, the stock is exhibiting a bearish momentum with the MACD below zero, which suggests potential selling pressure. The RSI at 42.45 indicates that the stock is neither overbought nor oversold, hovering close to the neutral zone. The ADX is at 19.9, suggesting a weak trend.

Support levels can be observed around 103.51, with Classic Pivot S1 acting as a near-term support. The Fibonacci and Woodie pivot points also suggest support around 103.61 and 104.64 respectively. Resistance is identified at 108.51 based on Classic Pivot levels, while the stock is facing a significant resistance at 107.1 from the Ichimoku Base Line.

Recent trading sessions indicate a volatile environment with sudden price movements, particularly the last five trading days where the stock has oscillated between 102.70 and 106.59. The Average True Range (ATR) suggests heightened volatility, reflecting a potential for larger price swings. This, combined with the Stochastic and Williams Percent indicators being in oversold territory, may provide a short-term buying opportunity, but traders should be cautious of potential reversals near resistance levels.

Overall, while the stock presents potential for short-term trades, the prevailing technical indicators and candle patterns suggest a need for caution. Traders should monitor the price action closely, especially around the identified support and resistance levels, for clearer signals.







 

Visit My YouTube Channels for More Content:.
Channel 1 :
ParthaKuchana : For video tutorials on tech, career advice, industry insights, global military tech.
Youtube Channel Link : View Channel
Youtube Channel Subscription Link : Mention channel subscription link : Subscribe

Channel 2 :
Partha Kuchana - Finance: For in-depth stock market analysis, technical and fundamental analysis of stocks, investment ideas, and tips.
Youtube Channel Link : View Channel
Youtube Channel Subscription Link : Mention channel subscription link : Subscribe

Channel 3 :
Partha Kuchana - Stock Analysis : For in-depth stock market analysis, technical and fundamental analysis of stocks, investment ideas, and tips.
Youtube Channel Link : View Channel
Youtube Channel Subscription Link : Mention channel subscription link : Subscribe

Follow me on X :
@ParthaKuchana
Join my Telegram Channel :
ParthaKuchana
© 2024 Partha Kuchana. All rights reserved. Unauthorized reproduction or distribution is strictly prohibited. Visit ParthaKuchana.com for more information.