PNB buy setup (With excellent risk reward)Buy PNB between 114-120 in cash
T1: 170
T2: 230
T3: 290
SL: 102
Pnblong
Multi Year Cup and Handle Formation of PNB PNB has recently given multi year breakout above 169 and also made 52 week highs. Stock is trading above all DMA's . With favorable policies coming from the government for the PSU banks related to bankruptcy codes, mergers etc , many of them can be good trading bets.
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.
