Dear Fellow traders,
Punjab National Bank has formed a bull flag on the monthly chart.
The point C is the real bottom for PNB after the bearish divergence that started from point A.
Point C is the end of bearish divergence for two reasons:
1. Point C on price chart: There is a double bottom that has been formed at point C.
2. Point C on RSI: RSI hit the lowest...
PNB is looking good for a swing trade , Pnb has seen a good consolidation from the highs of 45 , now it has taken support at S1 on Pivot and also respected the 100DMA ,PNB looking for a fresh upward swing with a target of 45-50 with Sl of 38, Also its result are expected to be out on 2nd of august expecting better than expected
Price bounced off 50 EMA and closed above the falling channel bottom creating a bull flag. Price is likely to move to 46 levels in a burst.
Buy at CMP
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I am not a financial advisor. This is only for educational purposes and this is not a financial advice.
PNB Bank is showing 2 bullish patterns and also it gave golden crossover recently!
lookout for the month of July, it's going to be the month where banking stocks dominate the market!
immediate targets and SL are marked in pink.
Outperformer - 1) Reverse head & shoulder pattern. 2) Punjab National Bank up by 7.5% v/s NIFTY 50 up by 4.29% in last 1 month. 3) The stock is in the Buy Zone according to its historical P/E. 4) Stock is trading above all short and long term SMAs. Targets are: 58 and 66 in medium term.
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