DO PNB DESERVE A PLACE IN PORTFOLIO?
As everyone is mad with the behaviour of PNB, and with all the projections of it becoming zero, I feel it's my responsibility to add my bits. well PNB is not a stock for weak hearts to stick onto. It has underperformed our banking cycle. with all the boom and busts in the economy, PNB has resulted in losing its market cap. Can it stop falling more? the point is it may or may not. But we are not operators with huge amount to manage our positions. As a retailer what we can do is we can minimise our risk with risk to reward. So where do PNB stand today, on long term price behaviour I feel it is in wave 5,which resulted in sideways movement. on daily time frame it is making an Ending diagonal (Elliott wave pattern). As of today I believe last leg of fall remaining (which will take it to 27.80,Monthly strong demand zone and 8/1 of dynamic square), or bottom is done (meaning subwave 1 is complete) Possibility wise PNB is approaching its 144th monthly fibonacci bar, and as we all know 144th cycle is favourite of legendary WD GANN, so something exciting is waiting for PNB investors. apart from this pnb will also be facing its yearly pivot in 2023 (21 years) and quarterly reversal zone in 01 june 2024. On the other hand PNB doesn't have any meaningful resistance (Untested Supply zone) till 62. So the risk to reward ratio is good and for long term there is a possibility that it may touch triple-digit soon.
IM NOT A SEBI REGISTERED ADVISOR, I SHARE WHAT I SEE. SO risk v apna apna aur ishq bhi APNA. Stay safe and happy investing
As everyone is mad with the behaviour of PNB, and with all the projections of it becoming zero, I feel it's my responsibility to add my bits. well PNB is not a stock for weak hearts to stick onto. It has underperformed our banking cycle. with all the boom and busts in the economy, PNB has resulted in losing its market cap. Can it stop falling more? the point is it may or may not. But we are not operators with huge amount to manage our positions. As a retailer what we can do is we can minimise our risk with risk to reward. So where do PNB stand today, on long term price behaviour I feel it is in wave 5,which resulted in sideways movement. on daily time frame it is making an Ending diagonal (Elliott wave pattern). As of today I believe last leg of fall remaining (which will take it to 27.80,Monthly strong demand zone and 8/1 of dynamic square), or bottom is done (meaning subwave 1 is complete) Possibility wise PNB is approaching its 144th monthly fibonacci bar, and as we all know 144th cycle is favourite of legendary WD GANN, so something exciting is waiting for PNB investors. apart from this pnb will also be facing its yearly pivot in 2023 (21 years) and quarterly reversal zone in 01 june 2024. On the other hand PNB doesn't have any meaningful resistance (Untested Supply zone) till 62. So the risk to reward ratio is good and for long term there is a possibility that it may touch triple-digit soon.
IM NOT A SEBI REGISTERED ADVISOR, I SHARE WHAT I SEE. SO risk v apna apna aur ishq bhi APNA. Stay safe and happy investing
Comment:
couldn't sustain below 28 and the first target was achieved like a boss. 60.. so that's a whooping 110% return on investment. booked investment and now holding till eternity
Comment:
also check how beautifully it reversed in monthly 144th fibo bar.. :)