UCO Bank | Multiyear Breakout |

50% upmove in 21 sessions

Let's have a look at the UCO bank weekly chart once

Price Action Analysis

• We can clearly notice significant rise in the volume and constant up move from last 5 week starting Mid October. 

• It broke strong supply zone created the beginning of 2020. Its now trading at 2 year high level.
• After a qucik rejection from 22.4 level which was ecat rejection level in Nov 2019, its now retesting the breakout zone in weekly timeframe.

As we zoom into the Daily Chart, it looks like a bull flag senario with fall in volumes (Which is a good sign) as the volumes are fallling during pullback.

You can add this into watchlist and look for further Price Action Analysis and may look out for any high probable Swing / Positional Trade Opportunities.

Points to Consider

1. The follow through bull candle (If any) must also be supported by a rise in volume and which must be more than the pullback volumes.
2. If there is no follow up candle, then it could end up in a fake breakout scenario. Checkout the link below to know how to Identify the Fakeouts.
5 Ways to Identify False Breakouts

Disclaimer: The analysis is shared just for educational purposes and is not to be taken as any trade advice.