Today’s pick is CANBK. [stockquote]CANBK[/stockquote]. After an initial uptrend till Feb, the stock started a downward move till it saw a 52 week low around the Rs. 300 levels in Sep. However, September put a fire under the stock. In the last three months, the stock moved 48% against 10% rise of Nifty’s.
The MACD line is headed towards the signal line and the decreasing histogram levels are suggesting a short-term bearish move.
The long-term GMMA are fanning out to give a long-term bullish outlook for the stock. The short-term GMMA lines just saw a bearish signal because of the lines cross-over.
CANBK has a historical volatility in the range of 0.3 to 0.9. The scrip’s volatility is in the middle range.
Looking at these technicals the stock is short-term SELL. For the long-term the stock has a clear green signal for the up moves if it holds onto the current trend-line.