Inside Bar Breakout (Daily Basis) - Volumes increased with Breakout
Moving in a Parallel Channel (Moving off the lower channel)
Targets: As mentioned in the chart
Analysis ONLY - NOT a Recommendation
price in correction, i'm expecting small upside in 1 hour movement then downside to complete the pattern, you can look for entry around 61 fib its also a support level if you are into support resistance. wait for it to finish the correction. I have also attached my monthly view of the chart in link.
One of the largest PSU Bank of India has hurted many investors in recent years. Although it needs courage to comment anything about this stock but analysing the pattern carefully, I have started feeling positive about this stock.
From its peak the counting of the 5th wave seems completed. But the upside reversal is not yet confirmed.It needs to trade above the 135...
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Punjab National bank has tested the resistance zone/ supply zone multiple times. Hence the sellers are becoming weak now and buyers are getting stronger. If the buyers are able to close the price above the supply zone, the stock may show a good upmove.
Punjab National Bank is a very good stock, on the verge of breakout. I recommend this stock for the long term, as it has very high potential but has been severely beaten down due to the Nirav Modi fraud and a few other incidents.
1. Volumes are at all time high, suggesting market interest in the stock.
2. VERY undervalued for the sort of company it is, and...
Wait for activation i.e.
Daily candle closing above Rs. 45. (Low risk traders)
High risk traders can enter at CMP too.
Inverted head and shoulders also spotted, strong bullish signal.
Company expected to give a strong quarter as well.
Keep in watchlist.
Entry – above 42.55 only (else Stock is in Sideways Trend)
Stop loss – 33 (Trailing Stop 39.5 after Price gives a run up)
Target 1 – 59.7
Target 2 – 85.4
Duration – 1-2years
Fundamentally, No one knows how to value Public sector Banking Stock. And PNB had a Bad history with Nirav Modi Case. So No one knows Quality of Loan book.
Technically, Good Accumulation is...
Good Notes for PNB:
* Consecutively 5th weekly green candle supported by good volumes
*Monthly candle above 20MVA
* Daily RSI around 58
* The daily and weekly charts show a squeeze pattern ready to breakout on either sides.
When to enter - if Daily RSI crosses 60 or crucial resistance of 38.5 is breached. On the Daily RSI, one can see that in the recent past,...