Canara Bank

I've already noted that PSU banks might still be in a bear market setup which means that any move up to be an X wave and it's only a question of size. In the case of CANARA Bank 23.6% retracement would mean going back to 165 it is also close to the blue neckline of a potential head and shoulders pattern, for this is an important resistance that it may face. The 38.2% retracement would bring it close to the previous swing high from where it fell in January and is at 220.