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Trade Setup – NSE CANBK & HINDUNILVR

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NSE CANBK – The Perfect Storm for Bulls

Timeframe: Daily

The NSE CANBK has broken out of its base channel with a big bearish candle, and a continuation outside the channel will bring more bearishness. After completing the final impulse (5), the price has begun to correct the previous move.

The breakout candle for NSE CANBK is huge, so traders may be able to get a pullback back. As soon as the price breaks out, if it stays below the parallel channel, the trader can plot their targets near wave (4). 287 is the strong support for the stock.

NSE HINDUNILVR – Long Setup

NSE HINDUNILVR has given a valid trendline resistance breakout on the daily time frame. Prices are moving above moving averages. As a result, the stock failed to break the previous low of 2527 and ended up making a lower high.

Traders can go long position near 2610 – 2605 for the following: 2630 – 2644 – 2658.

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