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Long

PNB: Piercing Through The Support

NSE:PNB   PUNJAB NATL BANK
Notes on the chart.

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Comment: Caution: Bad news hurting PSUs
Comment: Bounced back from support..may hit first target today.
Comment: Quite tempting to take some profit.
Comment: May reach first Target tomorrow.
Comment: Had partial profit yesterday..I ll liquidate SL hits at my breakeven
Any bounce from 158 should be considered as an exit.
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Comments

This is good technical analysis, i want to know more about the long entry point.

i came to know about this: A long trade can be entered above the high of the second day's white candle. Place a sell on stop order below the low of the pattern to limit your loss, in case the down trend continues to go down.

but i can not really understand it.
Reply
SaurabhMiyani SaurabhMiyani
@SaurabhMiyani, sorry i miss it 161 is entry point, get it
Reply
Bravetotrade SaurabhMiyani
@SaurabhMiyani, no problemo.
Reply
Bravetotrade SaurabhMiyani
@SaurabhMiyani, you r right. Theoretically entry would be above 161 in this case and stop below 153.
If this stop is too wide and is beyond one's risk appetite then one can either miss the trade or wait for retracement near 155-156, Stop would be thus quite manageable.
Reply
SaurabhMiyani Bravetotrade
@Bravetotrade, Thanks it is use full
Reply
Bravetotrade SaurabhMiyani
@SaurabhMiyani, welcome
Reply
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