Wolf-AD7

PNB - possible rectangular breakout incoming!

Long
NSE:PNB   PUNJAB NATL BANK
After major decline, long-term accumulation within Rectangular Pattern since March 2020.

There has been a significant increase in Volumes since Dec 2020 though.

The surge in volumes increases the chances of the stock successfully breaking out of the rectangle , on its 4th attempt. This is further supported by a bullish divergence between the Price and the RSI Oscillator.

In case of a successful breakout, no notable resistance till about 55 levels (25% upside margin).

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Holding from 38
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