Union Bank of India has formed Inverted Head & Shoulders Pattern on monthly timeframe.
This bullish technical formation often signifies a potential trend reversal, hinting at a shift from a downward trajectory to an upward one.
Adding to this positive outlook, the Relative Strength Index (RSI) has climbed above 60, indicating a growing strength in the stock's momentum. As RSI measures the speed and change of price movements, this rise could be indicative of increasing buying interest and a potential uptrend in the making.
These combined signals from both the inverted head and shoulders pattern and the RSI suggest that the stock might be on the cusp of a significant upward move.
Traders and investors are keenly watching this setup as they anticipate a potential bull run in the coming months.
Support - 75
Resistance - 180/240
This bullish technical formation often signifies a potential trend reversal, hinting at a shift from a downward trajectory to an upward one.
Adding to this positive outlook, the Relative Strength Index (RSI) has climbed above 60, indicating a growing strength in the stock's momentum. As RSI measures the speed and change of price movements, this rise could be indicative of increasing buying interest and a potential uptrend in the making.
These combined signals from both the inverted head and shoulders pattern and the RSI suggest that the stock might be on the cusp of a significant upward move.
Traders and investors are keenly watching this setup as they anticipate a potential bull run in the coming months.
Support - 75
Resistance - 180/240
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