City Union Bank Ltd. Stock Forecast
Weaker technical forecast for City Union Bank Ltd. as stock downgraded to Hold/Accumulate.
(Updated on Jun 25, 2024)
The City Union Bank Ltd. stock price gained 3.68% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹162.26 to ₹168.23. During the last trading day the stock fluctuated 6.79% from a day low at ₹158.82 to a day high of ₹169.60. The price has been going up and down for this period, and there has been a 13.93% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 16 million more shares were traded than the day before. In total, 20 million shares were bought and sold for approximately ₹3.41 billion.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. ₹163.27 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach ₹190.56 sometime during the next 3 months.
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CUB.NS Signals & Forecast
The City Union Bank Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹160.79 and ₹150.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 24.11%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for City Union Bank Ltd. stock
City Union Bank Ltd. finds support from accumulated volume at ₹166.26 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹10.78 between high and low, or 6.79%. For the last week, the stock has had daily average volatility of 4.21%.
The City Union Bank Ltd. stock is extremely overbought on RSI14 (87). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ₹162.75 (-3.26%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (CUB.NS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect City Union Bank Ltd. to open at ₹165.55, and during the day (based on 14 day Average True Range), to move between ₹162.79 and ₹173.67, which gives a possible trading interval of +/-₹5.44 (+/-3.23%) up or down from last closing price. If City Union Bank Ltd. takes out the full calculated possible swing range there will be an estimated 6.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹166.26, some ₹1.97 (1.17%) from the current price of ₹168.23, our system finds the risk reward attractive.
Is City Union Bank Ltd. stock A Buy?
City Union Bank Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for City Union Bank Ltd. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹165.55 ( 1.59%) | ₹168.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CUB.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 176.33 | 4.81% |
| R2 | 172.21 | 2.37% |
| R1 | 169.67 | 0.85% |
| Price | 168.23 | |
| S1 | 161.43 | -4.04% |
| S2 | 158.89 | -5.55% |
| S3 | 154.77 | -8.00% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 168.23 | |
| S1 | 166.26 | -1.17% |
| S2 | 154.00 | -8.46% |
| S3 | 145.00 | -13.81% |
CUB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 11, 2023 | Aug 11, 2023 | Sep 22, 2023 | ₹1.00 | 0.771% |
| 2 | Aug 10, 2022 | Aug 10, 2022 | Aug 10, 2022 | ₹1.00 | 0.566% |
| 3 | Aug 11, 2021 | Aug 11, 2021 | Aug 11, 2021 | ₹0.200 | 0.131% |
| 4 | Jun 04, 2021 | Jun 04, 2021 | Jun 04, 2021 | ₹0.300 | 0.181% |
| 5 | Mar 13, 2020 | Mar 26, 2020 | Mar 29, 2020 | ₹0.500 | 0.382% |
FAQ
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