UnknownUnicorn4260559
Long

PNB : Trade again on inverted H &S

NSE:PNB   PUNJAB NATL BANK
PNB had given breakout from the inverted H&S with high volumes. Target of the breakout was 112 but counter retraced from 100 and again cam back to 87 level. Counter should take support around 84 which is 38.2% retracement of entire rally from 58 to 100. After 84 , next support comes at 80-81 range which is also a support of neckline. As counter drifted down from 100 to 87, volume has also come down simultaneously. Traders ,who had created long around 80-81, might have booked profit at psychological resistance level of 100 but the investors who had bought at long term support zone of 60-65 might be waiting for counter to complete full circle.As higher top higher bottom structure is still valid, short term investors can look to buy 50% at 85 and rest 50% at 81 with stop loss below 74 for target 112.

Trade active: PNB made low of 78 and then closed at 82.95. stop loss of buy should be modified to 72 on closing basis.

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