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Thursday, October 28, 2010

Canara Bank making Tower Top ?



Canara bank has been rising well over the last few months.  It is a good prospect for swing trading along the 50 day moving average support line.

It rose with 3 advancing soldier pattern starting 21st Oct 2010.  But after that, it consolidated for a couple of days and has formed a long black candle today.  The volume is also high.  Other indicators are also showing possibility of fall.

Is a tower top forming here?  This is a good time to wait and watch this stock.  A tower formation is bad sign!

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