💪 Canara Bank Ltd. – Inverse Head & Shoulders Breakout Setup

Canara Bank is showing a classic inverse Head & Shoulders (H&S) reversal pattern on the weekly timeframe — a strong bullish formation signaling a potential end to the prior downtrend and the beginning of a new uptrend phase. 🔹 Technical Overview Pattern: Inverse Head & Shoulders Left Shoulder: Formed around ₹100 Head: Deep low near ₹80 Right Shoulder: Formed around ₹100 again, confirming symmetry Neckline: ₹126–₹128 — price currently testing this breakout zone RSI: Rising near 68, confirming bullish momentum buildup Volume: Gradual rise during right shoulder and breakout attempt, adding credibility OBV: Trending upward — showing accumulation pressure 🔹 Interpretation ✅ Inverse H&S pattern signals a medium-term bullish reversal. ✅ Breakout above ₹128 neckline confirms the pattern, projecting strong upside potential. ✅ Target Projection: ₹160–₹165 (based on pattern height). ✅ Support Zone: ₹118–₹120 — neckline retest zone if a pullback occurs. 🟢 View The pattern structure, along with improving momentum and volume confirmation, suggests a major reversal underway. A weekly close above ₹130 could open up a strong upside continuation phase toward ₹160+. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)