Technical Analysis UCO Bank.

The stock $UCOBANK is experienced a significant downtrend from its peak near 34.00 late last year eventually finding a strong bottom near the 23.00 - 24.00 range by April. It is currently attempting a trend reversal and trying to establish a higher base. There is a highly noticeable surge in trading volume recently accompanied by a sharp upward price movement. This indicates strong market interest and sudden buying momentum. Support immediate minor support is resting around 26.00 - 26.50. If the stock breaks below this level the next major structural support base is firmly at 24.00. Resistance immediate resistance lies at the recent swing high near 28.50. However the major hurdle the stock needs to cross is the psychological and technical resistance at 30.00. For short-term buyers the best approach is to look for fresh entries on a dip near the 26.00 support area with a strict stop-loss below 25.50 or wait for a confirmed breakout above 28.50 to catch the momentum. Existing holders should comfortably hold the stock as long as it continuously stays above the major 24.00 structural support floor. The primary near-term targets to watch are 28.50 and 30.00 where the recent heavy selling pressure occurred and partial profits can be locked in.