🏦 Canara Bank – Approaching Major Resistance After V-Shaped Recovery

🔹 Price Action CMP: ₹127.39 (+1.18%) The stock has staged a strong V-shaped recovery from ₹87 levels, reclaiming the 20- and 50-week EMAs with solid momentum. Price is now testing major horizontal resistance near ₹128–130, coinciding with previous double-top levels — a critical zone for trend confirmation. 🔹 Technical Observations Pattern: V-shaped rebound within a broad ascending channel. Trend: Short-term uptrend aligned with medium-term structure. Volume: Steady accumulation with improving participation — constructive price-volume behavior. RSI: At 68.9, nearing bullish breakout territory; positive divergence from prior lows. MACD: Strong positive crossover; histogram expanding upward, confirming trend strength. OBV/Strength Indicator: Rising steadily, indicating continued accumulation. 🔹 Key Levels Immediate Resistance: ₹128–130. Major Resistance: ₹138. Immediate Support: ₹118. Major Support: ₹107. 🔹 Strength & Risk ✅ Consistent higher lows and momentum indicators turning positive. ✅ RSI and MACD show synchronized bullish alignment. ✅ OBV recovery confirms smart money inflow. ❌ Overhead resistance may cause short-term consolidation. ❌ A rejection from ₹130 without follow-through could trigger minor pullback. 🔹 Outlook Canara Bank shows a strong medium-term recovery structure, testing a crucial breakout zone after sustained accumulation. Momentum indicators point to strength continuation, with the next directional move likely to depend on the stock’s reaction near ₹130. 📢 Disclaimer: This is an educational technical analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)