Union Bank of India: Multi-Year Cup Breakout ?Union Bank of India LimitedNSE:UNIONBANKyatharthshah23Union Bank has completed a multi-year Cup formation on the weekly timeframe by reclaiming its long-term resistance around ₹165–170. Following the breakout, the stock witnessed a strong impulsive move before entering a controlled pullback. Rather than viewing this as weakness, the current structure appears to resemble a throwback to the breakout zone, a behavior often seen in strong trending stocks. Technical Observations 1. Multi-Year Cup Formation Large rounded base formed over several years. Resistance around ₹165–170 has now been reclaimed. This confirms a significant long-term change in market structure. 2. Breakout Confirmation The breakout was accompanied by strong momentum, suggesting genuine buying interest rather than a temporary price spike. 3. Throwback in Progress Instead of extending vertically, price has retraced toward the breakout area. As long as this region continues to act as support, the primary bullish structure remains intact. Key Levels Support ₹156–160 (Major) ₹165–170 (Breakout Zone) Resistance ₹176–178 ₹190–200 Projected Technical Target ₹220–225 (Measured move from the Cup formation) What Would Strengthen the Bullish View? ✅ Weekly close above ₹176–178 ✅ Increasing buying volume ✅ Breakout above the current descending trendline Disclaimer: This analysis is shared for educational purposes only and should not be considered investment advice. Please conduct your own research and manage risk appropriately before taking any trading or investing decisions.