kingpannu

Punjab National Bank : The Big Bull flag

Long
NSE:PNB   PUNJAB NATL BANK
Dear Fellow traders,

Punjab National Bank has formed a bull flag on the monthly chart.
The point C is the real bottom for PNB after the bearish divergence that started from point A.

Point C is the end of bearish divergence for two reasons:
1. Point C on price chart: There is a double bottom that has been formed at point C.
2. Point C on RSI: RSI hit the lowest at point C since the listing of Punjab National Bank.

What was the bearish divergence ? Point A: The real top for RSI . The price moved higher at point B from point A on the price chart but RSI was lower on Point B than point A.

My view from here on is extremely bullish for Punjab National Bank.

Short term target: 60
Medium term target: 185
Long term target : 300-400, but if it breaches that trendline on the chart to enter the upper channel, probabilities of attaining 500 rupees and even more will be higher. But that will take about 5-10 years to be achieved.

Note: This is not a financial advice. Please do your own research before investing.
Trade active: PNB bought at INR 38