AbhishekHSinghCMT
Short

PNB - Can Triangle be the mother of shark- 159 to 149-146

NSE:PNB   PUNJAB NATL BANK
Hardly moved from our target zone of 157-158 as expected in last update. The way it has moved since our target achieved -we think some thing is left downside.

So, here comes shark after triangle or triangle - the mother of shark

Holding below 160 levels as bulls can come back sharply above that level. PNB can complete the shark pattern's final leg in the zone 148.50- 149.50 & if extends downside then can test 145-146 zone which is the second permitted extension 113% for shark .

Target Zone -148.50-149.50

Target Extension - 145-146


Note
This move is valid till the time PNB stays below 160 level- Above 160 level - Bulls will show their power or we complete the shark in 145-149 zone & Boom Next

Previous Update - The Zone of 154-155- Fevicol ka jod hai
Trade active: 13:53 Hrs 22nd July2017

Last Price@158.30

It dropped perfectly but only half way to 156 & bounced back again to 158.60.

Going below 158 -it can again attempt 155-156 zone where short term support is seen if holds at 155-156 then push can be seen close to 159-161 zone.
One thing to be noted that if PNB remains below 160 after 1-2 rounds of up & down -it will have chances of attempting 148-149
Or
If PNB holds above 160 & don't drop back later for 4-5 Hrs -then we are open for new upside zone.
Trade closed manually: 13:26 Hrs 24th July2017

Last Price@161

Next trade was below 158 but did not move & moving above 160 was bulls zone -intraday it travelled to 164.
Comment: 15:25 Hrs 3rd Aug2017

Just Amazing - It is just a comment what a 148-149 ?
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
@AbhishekHSinghCMT , can I go short at 158/-and consider SL is 160 and the target is 145
Reply
@chandu_Trade, 160 is important level. Any move staying below 158 is good to sell.
Reply
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