UNION BANK : READY FOR A BREAKDOWN..
Union Bank has formed a Descending Triangle.
A break below 148 levels can take the stock to 140/135/121 levels.
Out of the Total 2,17,84,000 open positions, the stock had short built-up of 1,81,92,000 from 22nd-29th May.
More 10,96,000 Shorts were added today.
Looks like the Govt's move to resolve the NPA issue will take quite a long time (upto 6 months or more), until then stocks may well return to lower trading ranges.
Short Below 148 for targets of 140/135.
Stop Loss to be placed at 155.
A break below 148 levels can take the stock to 140/135/121 levels.
Out of the Total 2,17,84,000 open positions, the stock had short built-up of 1,81,92,000 from 22nd-29th May.
More 10,96,000 Shorts were added today.
Looks like the Govt's move to resolve the NPA issue will take quite a long time (upto 6 months or more), until then stocks may well return to lower trading ranges.
Short Below 148 for targets of 140/135.
Stop Loss to be placed at 155.
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