anusuabose92

PNB Possible Breakout on the hourly chart!

Long
NSE:PNB   PUNJAB NATL BANK
PNB has a very good technical structure on the hourly as well as the daily chart . We see that price has tested the support zone or the resistance multiple times and any up move from here may take the price higher up. This is also supported by the news that the The Enforcement Directorate (ED) on June 23 said that it had transferred a part of the seized assets in cases related to fugitive billionaires Vijay Mallya, Nirav Modi and Mehul Choksi, to state-run banks and the Centre. This will support the breakout, if we get one. We should keep an eye on PNB in the short term.
Comment: Candle on the Daily chart has formed an NR7 or Narrow Range 7 which means that out of the past 7 daily candles , the last candle is the narrowest , showing contraction in the price. The longer the candle , it means that on that particular day , the price was in a high range or showed high volatility. Narrowest candle means price was in a very short range / possibly consolidating. After an NR7 / Narrow Range 7 , there is always a possibility of breakout. Do keep a watch on PNB.
Trade active: PNB has broken out with a gap up today !
Trade active: Stock is on fire!!
Trade active: Stock is moving up !

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