patel27
Short

PUNJAB NATIONAL BANK (PNB), looks like moving in chanel

BSE:PNB   PUNJAB NATIONAL BANK
in normal condition stocks keep oscillating around it's big moving average like 100 or 200 days.
unless something terrifying happened,
i looked pnb and observed that this stock is very much respectful towards its old supports and resistance.
also it looks like it is moving upside i channel. and its target is 200 ema
raghavs1ngh raghavs1ngh
@raghavs1ngh, My target for month would be 92.50. Holding no positions in PNB as of now.
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raghavs1ngh raghavs1ngh
@patel27 Can you suggest some online resources or books to draw channel like you did?
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patel27 raghavs1ngh
@raghavs1ngh, sorry i didn't know any books. It's just simple drawing connection all the spot from stock reverse
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its an counter move to all the down side it has traveled so far , so this will be weak in price moves , on inter day basis you can see price overlaps the each other candle , that means when an green candle forms , Completely full shows Bullish sign on 1 hour , in Next 2 candle you will see the price completely reverse apparently the range of reversal candle is lesser than the Green candle , it means the current trend is in corrective pulsing , and at any given time look for sell opportunity , Not a Buy
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patel27 I-Fund-Trader
@I-Fund-Trader, oh i see , in normal condition stock moves zig zag but this time market is one side that is up. so let's see what happens next
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Give a some space to for this move , above and below the candle give some space , Yes you institution is again correct , it will move in the same direction for another 2 or 3 such small pulses
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patel27 I-Fund-Trader
@I-Fund-Trader, i am doubting that this time due to bull run it might break resistance. it hace to face 3 old resistance which is from listing of the stock
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this post is good and worth reading !

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patel27 MAYA_MUMBAI
@MAYA_MUMBAI, let me see thx
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