Union Bank of India Triangle Breakout

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The stock is breaking out of a descending triangle pattern and has successfully retested the breakout level. A bullish momentum is expected as the retest holds strong, supported by rising volume and favorable technical indicators.

Trade Setup:

• Entry: ₹126.06 (current price near breakout zone)
  
• Stop Loss: ₹117.50 (below key support level)
  
• Target: ₹159.88 (measured move based on triangle height projection)
  

Technical Observations:

1. 200 EMA Support: The price has reclaimed the 200 EMA, indicating strong bullish sentiment.
   
2. RSI: The RSI is trending upwards near overbought territory but has room to rise further.
   
3. Volume: Increasing volume confirms breakout strength.
   

Strategy:

• Long Entry: Enter above ₹126.06 after a breakout confirmation.
  
• Risk-Reward: Favorable with a target near ₹159.88 offering significant upside potential.
  
• Position Management: Trail stop loss once the price reaches ₹140 to secure profits.