PNB trade ideas
Another bank stock at supportPrice at support. last analysis we expect the rounding bottom breakout and it din't worked as the price rejects once again from the resistance levels.
Now one can buy this stock with small stoploss.
Rounding bottom - Look for the break !!Price forming a rounding bottom and reaching the resistance level with good bullish movement. Wait for the march month resistance to break and enter the trade.
PNB buy...Seems like Elliot Wave is forming.
One can start pyramiding from current levels, and buy aggressively when it breaks the swing high of 39/-
Keeping initial SL of 38.5/- & further start trailing it as the resistance becomes support.
Keep WatchingAnalysis:
a) Wave 2 and 4 are at 0.5 retracement level and wave 5 couldn't significantly cross wave 3 ending due to high bearishness succumbing to double top formation. A new wave 1 is expected to start after breakout.
b) A wedge formation at a historical support line. However the structure is below 20EMA line. Wait for more confluence.
c) Price Action indicates accumulation at dips. Might result in a positive breakout.
buy for ITRADAY/POSITIONINTRADAY/POSITION BUY= 34.10 TO 34.20, S/L 32.70/32.20, TAR 32.65 TO 35.60/POSITION, 32.65 TO 56.10
PNB - Bearish Flag patternNote: This is for educational purpose only.
PNB seems to be forming bearish flag pattern with high volume.
Idea on ride of wave 3It has completed wave 2 with less than 61.8% retracement and started the journey of wave 3 with gap up and good volume.
It should go till 44, I will check again when it crosses 43 with SL 34.6.
PNB GOING TO SEE 72+++++ SHORT TERM INVESTOR RECOMMENDINGPNB GOING TO SEE 72+++++ SHORT TERM INVESTOR RECOMMENDING
