City Union Bank gives trendline breakout

The stock of City Union Bank Limited is trading in the rising channel since December 2016. On Tuesday, along with the relatively higher volumes, the stock had given a breakout of downward sloping trendline resistance formed by connecting swing highs from September 25, 2019.
 
The major trend of the stock is bullish as it is trading above its weekly pivot and above its long-short term moving averages, that is, 20-day, 50-day, 100-day, and 200-day EMAs and these moving averages are exactly in an ascending order, which suggests that the trend is strong. From the momentum indicators perspective, the 14-period daily RSI is quoting at 60.28 and is in the rising trajectory, suggesting a bullish bias. The daily stochastic oscillator is also suggesting some bullish strength as %K is above the %D. Moreover, the daily MACD stays bullish as it is trading above its zero lines and the signal line. The histogram is indicating that the momentum is picking up.
 
Going ahead, we expect the bias to remain positive, as long as stock sustains above the previous week's low of Rs. 209.85 level. On the higher side, the level of Rs. 223, followed by Rs 227, would be seen as the next resistance zone for the stock.
 
On Tuesday, the stock of City Union bank closed at Rs. 219.50 per share, reporting a rise of 1.67 per cent. The stock opened at Rs. 217 per share and hit an intraday high of Rs. 219.65 and a low of Rs. 216.20 per share on BSE.