Union Bank has completed a multi-year Cup formation on the weekly timeframe by reclaiming its long-term resistance around ₹165–170.
Following the breakout, the stock witnessed a strong impulsive move before entering a controlled pullback. Rather than viewing this as weakness, the current structure appears to resemble a throwback to the breakout zone, a behavior often seen in strong trending stocks.
Technical Observations
1. Multi-Year Cup Formation
Large rounded base formed over several years.
Resistance around ₹165–170 has now been reclaimed.
This confirms a significant long-term change in market structure.
2. Breakout Confirmation
The breakout was accompanied by strong momentum, suggesting genuine buying interest rather than a temporary price spike.
3. Throwback in Progress
Instead of extending vertically, price has retraced toward the breakout area.
As long as this region continues to act as support, the primary bullish structure remains intact.
Key Levels
Support
₹156–160 (Major)
₹165–170 (Breakout Zone)
Resistance
₹176–178
₹190–200
Projected Technical Target
₹220–225 (Measured move from the Cup formation)
What Would Strengthen the Bullish View?
✅ Weekly close above ₹176–178
✅ Increasing buying volume
✅ Breakout above the current descending trendline
Disclaimer: This analysis is shared for educational purposes only and should not be considered investment advice. Please conduct your own research and manage risk appropriately before taking any trading or investing decisions.
Following the breakout, the stock witnessed a strong impulsive move before entering a controlled pullback. Rather than viewing this as weakness, the current structure appears to resemble a throwback to the breakout zone, a behavior often seen in strong trending stocks.
Technical Observations
1. Multi-Year Cup Formation
Large rounded base formed over several years.
Resistance around ₹165–170 has now been reclaimed.
This confirms a significant long-term change in market structure.
2. Breakout Confirmation
The breakout was accompanied by strong momentum, suggesting genuine buying interest rather than a temporary price spike.
3. Throwback in Progress
Instead of extending vertically, price has retraced toward the breakout area.
As long as this region continues to act as support, the primary bullish structure remains intact.
Key Levels
Support
₹156–160 (Major)
₹165–170 (Breakout Zone)
Resistance
₹176–178
₹190–200
Projected Technical Target
₹220–225 (Measured move from the Cup formation)
What Would Strengthen the Bullish View?
✅ Weekly close above ₹176–178
✅ Increasing buying volume
✅ Breakout above the current descending trendline
Disclaimer: This analysis is shared for educational purposes only and should not be considered investment advice. Please conduct your own research and manage risk appropriately before taking any trading or investing decisions.
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Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.