City Union Bank: Breakout Fizzles at Long-Term Resistance

1️⃣ Structure & Setup Long-term horizontal resistance around ₹230 triggered a sell-off. Price respected the rising orange channel but met a supply zone confluence. The chart also shows a clear rejection at the upper black trendline from 2021 peaks. 2️⃣ Bearish Price Action Sharp weekly reversal candle post breakout = possible bull trap. Selling pressure confirms historical relevance of ₹230–₹235 zone. Immediate support rests at ₹204 followed by ₹186. 3️⃣ Volume & Momentum No significant volume spike to confirm sustained breakout. Structure resembles "breakout-failure pattern" near top trendline. Weekly close below ₹204 may accelerate short-term weakness. 4️⃣ What to Watch Bounce from ₹204–₹186 support band could invite fresh interest. Closing above ₹230 is key to bullish continuation. Conservative traders may wait for retest or deeper pullback. 📢 Disclaimer: This is for informational purposes only. Nothing herein constitutes a buy or sell recommendation. 🧑‍💼 Rajneesh Sharma is a SEBI-registered Research Analyst (Reg. No. INH000020332). 📄 Investments are subject to market risks. Read all related documents carefully before investing.