NSE Union Bank Enters High-Probability Reversal Zone

Union Bank Stock Trading Inside a Major Confluence Zone

Union Bank of India remains inside a long-term ascending channel on the 4-hour timeframe, showing that the broader trend structure is still positive despite the recent correction.

The price is now trading near an important Fibonacci retracement support zone between 0.5 and 0.382. Interestingly, the previous bullish cycle also respected the same Fibonacci region before continuing higher, suggesting a possible historical price reaction pattern.

At the same time, the stock is approaching the lower boundary of the ascending channel, creating a strong technical confluence zone. This area may attract buying interest if market sentiment improves.

Expected Targets: 174 – 182 – 196+

However, traders should remain cautious because the recent bearish crossover between the 50 SMA and 200 SMA indicates short-term weakness and reduced momentum compared to the previous bullish phase. Below 140, the bullish structure may weaken significantly and the ascending channel setup could fail.