PNB is on verge of breaking it resistance on price and its current level is strong support per RSI . If we look at OBV it has already shown breakup and there is positive divergence... For me its early entry but risk reward is pretty favorable as my stop loss would be low of previous day candle ... If you want to wait for confirmation you can wait till the price resistance is broken { Channel highlighted in price graph } in chart
Trade active
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PNB has not moved up but it still has not breached my stop loss and its again taking support at support basis RSI support zone , I would continue to hold on to my position and lets see what happened next
Other article here says a move is expected in 4-8 months. Ha-Ha
boksskumar
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I think 42.20 is strong resistance instead of support
amitchauhanihm
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@boksskumar it’s zone where there is lot of action … To me it seems more of support basis RSi and also if you look at volume profile it’s is supporting the price at that level… Also as I mentioned the risk is pretty low so I am good with trade set up
boksskumar
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@amitchauhanihm, thanks for the revert..I just want to highlight that in volume profile moat of the action and por is at 42 which is up in the volume profile length...if same would have been below in the volume profile then it would have indicated accumulation..but here it's indicating resistance..more people are getting active as it touches this price..
amitchauhanihm
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If it crosses 49 level with good volume then my next target would be around 59 - 60
amitchauhanihm
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Now I am going to trade is at 1:3 rail reward . Current price is around 42 and my stop loss would be just below 40 so my target is 46 . Then I will observe the price at 46 level and if is see there is positive movement at the resistance … I will buy another tranche