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Canara Bank , will long term trend continue ?

dipak's picture
Submitted by dipak on October 2, 2009 - 02:54

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Submitted by himesh on October 2, 2009 - 02:59. #

A very well notined trend here in case of Canara Bank. I pulled this long term chart of CB. Notice something

Since 2004 stock is making new high every year . At the same time its bottoming in 180 . There is great resistance level at 180. For 2005 , 06 and 07 stock made new highs and dropped back to 180 level.

Is this trading cycle ?  If yes this probably is huge swing trading cycle.  Stocked picked at 400 in Dec 07 and since then collapsed to low 100s.

Based on technical I see this coming down again .

 

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