Punjab 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.
The 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.
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.
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...