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).

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.