PNB: Piercing Through The SupportNotes on the chart.
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Pnb
PNB long setupPunjab National Bank long setup on weekly chart
Buy above: 155
SL: 135
Target1: 180
Target2: 200
Target3: 225
PNB long setup in upward channelBuy PNB at the channel bottom
Expecting it to touch the channel bottom at 154-157 range
Target 185
SL 148
PNB healthy?Hi! I trade NSE stocks using Demand and Supply zone strategy, mostly in Weekly time frame.
Here's a trading plan for PNB
Weekly location: Low
Daily trend: Up (Let's go long)
Hourly zones: Demand zone marked on chart
Trade duration (max): 2 week
Note: Target, Entry and SL on chart
PNB - Enters Demand ZoneThe stock after a steep fall has entered its demand zone as you can see in the chart.
It's taking support in this zone yet once again.
Keep this zone in watch.
Trade accordingly.
Is cup and handle in formation?Looks like a nice cup and handle is in formation. Today almost it touched its upper range of support (138) and close nicely at 141. RSI and slow stochastic are near mid which does not indicate any trend so keep watch for few days to confirm the handle formation.
Descending Triangle on PNBDescending Triangle on PNB.
NOTE: This chart recommendation for positional, not for an intraday.
Trade:
Short below - 139.00
Target 1 - 136.80
Target 2 - 134.50
Stop loss - 142.40
Risk : Reward => 1 : 2
Reward Points - 4.5
Risk Points - 2.5
PNB - Intraday / PositionalHere, is a potential short setup .
I'll go short on PNB tomorrow , only below 145 , if it stays above it, no trade entry.
If it's below at 144, I'll go short :
A part for intraday,
where I'll keep 1 point stoploss
and target according to movement.
And the other part for positional,
where stoploss would be 151 ( 7 points ) and
target 132 ( 14 points )
Risk Reward :: 1:2
P.S. If you're buying options , go for 140 PE . Don't go below that.
But beware of risks of options, only for pro traders who understand it completely.
PNB - Showing StrengthNSE:PNB is showing good market structure with rising volume on up-moves. * See those green volume spikes.
Short-term target would be intermediate resistance of 129.
Stop-loss would be a good trendline break.
PNB up trending channel pattern on daily chartIts been observed that PNB has been following an up trending channel since 24 may 2016.
Considering the fundamentals, current events and upcoming events I am strongly bullish on PNB.
Please feel free to share your thoughts and suggestions on this.
PS: A small violation in the channel pattern was observed on the US election results day (09 NOV 2016) when the candle opened below the channel but closed within the channel thereby holding the channel pattern completely valid.
Punjab National Bank rising wedge pattern brokenPunjab National Bank after breaking rising wedge pattern retested the broken level again, it seems to trade in downward direction from here, its the best time to enter short on retest level and short between 142-145, risky trader may short at CMP and no more room for conservative trader they can too short at CMP for a target of of 123.00 in near term.
Divergence at MACD PNB LONGThe stock is at a good support area. MACD indicator is showing divergence. Although it is making lower high and seems to be in downtrend one can enter long here with small Stop loss and look for a target of 141. Very good risk to reward ratio.
PNB Breaking out Resistance, Now Wave 3 progress (T-145)Today the price action breaks above the previous resistance level of 137.50 and made a close above it. It signals bullishness in price action and now the buyers shall take the prices further up to 145-150 levels. It is a good time to enter with stoploss of 125.
PNB - 4 Days Rectangular Consolidation (What's Next?)The price action is been consolidating for past four days in the range of 120-124 (3-4%). I'm expecting a breakout next week with a big move. It will be interesting to see whether the price action breaks 124 levels and reach out to the previous high at 136 or whether the correction continues and the price action breaks 120 levels and reach out to 115-116 levels to the next support levels.
I don't predict charts but I follow the price action, I give a chance to you to observe the same, it is best to way to learn and be safe in trading.
I will update you once I get to see the breakout.
