India, Oct. 20 -- The ascending channel is a chart pattern formed by two upward-sloping parallel trendlines. The lower trendline acts as support, and the upper trendline acts as resistance, where a price breakout above the upper trendline indicates the possibility of bullishness in the stock.

South Indian Bank Ltd Chart: Daily Timeframe The above chart shows the clear formation of an ascending channel pattern as the price moved above the upper trendline of the channel formed. South Indian Bank Ltd broke above the upper trendline at Rs 52.50 of the channel pattern formed on the daily chart on 19th October. Further, the stock is trading above the 20 & 50 day EMAs, confirming the bullish trend. The continued buying pressure along with risin...