Union Bank of India (NSE) weekly chart also displays a Cup & Handle formation

🧭 Chart Overview Timeframe: Weekly Pattern: Cup formation nearing breakout Neckline Zone: ₹147–₹148 Current Price: ₹147.07 Volume: Gradually increasing as price approaches resistance 📊 Technical Analysis The stock has built a rounded base (cup) over ~5 months, showing steady accumulation. It’s now testing the neckline — a weekly close above ₹148–₹150 will confirm the breakout. The right side rise is supported by consistent green candles and improving momentum. 🎯 Price Projection Depth of the cup ≈ ₹35 Breakout Level: ₹148 Target Zone: ₹180–₹185 Stop-Loss: ₹138 (below last swing low) Upside Potential: ~22–25% 🔍 Supporting Technicals Cup base near 200-week EMA (₹121) acted as long-term support. Gradual volume expansion → institutional accumulation. Sectoral strength: PSU Banks showing synchronized patterns (PNB, Central Bank, IDBI, BoB). ⚠️ Watch For Failed breakout if price closes below ₹145 with weak volume. Follow-through buying next week is crucial to confirm move toward ₹160+. ✅ Verdict: Strong bullish setup forming. A decisive close above ₹150 could trigger a Cup breakout toward ₹180–185, aligning with broad PSU bank momentum.