PNB possible reversal?

This is my analysis and idea of the upcoming movements of Punjab National Bank, NSE.

Till now the movements have indicated a reversal. We are seeing steep buys with a slow fall after that, which may indicate high volume traders grabbing positions while past negative sentiment(money scams) pulling the price slowly down.

But the possible reversal and company's recovery plans may fetch higher stock prices once it crosses the 78.60 zone(Green dotted horizontal line). Next resistance zone being 82.5-84.5.

If it goes to the zone of the red arrow then the breakout maybe delayed till the point when the green horizontal line and the red inclined trend line meet. If the red trend line breaks then the fall maybe till 72-69.

All Support and trend lines are considered zones here due to conflicting sentiments.

Jul 09
Comment: Today, PNB did not cross the 78.6 resistance I mentioned earlier. But still bullish on this stock. 26th July is still a good date for the F&O expiry.

Cheers! Happy Trading!

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