Bullish breakout in NSE PSUBANK Index on weekly chart
NSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the consolidation zone and has now finally broken out of this zone. We are bullish on the NSE PSUBANK index in the coming months with immediate target of 3400 followed by 4000-4200 as a major resistance zone as shown in the chart. Stop loss below Sep'22 low of 2856.
The index broke out from this consolidation in Aug, gave a retracement back to the consolidation zone and has now finally broken out of this zone. We are bullish on the NSE PSUBANK index in the coming months with immediate target of 3400 followed by 4000-4200 as a major resistance zone as shown in the chart. Stop loss below Sep'22 low of 2856.
Trade closed: target reached