NSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the...
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Nifty PSU Bank is hovering around the
orange horizontal TL which is 5 years
strong TL.
RSI is also overbought and therefore a precaution is must.
A short term profit booking in the PSU bank stock cane be seen.
Above the orange TL we can see a gain of 300-400 points.
NSE:CNXPSUBANK 12 years under performance converted into most outperformance sector. Monthly chart shows public sector banks will perform in near, medium and long term from current levels.
Time to be cautious in your investments..
as per elliot wave theory, index is on verge to complete the motive move and soon retracement can be seen
the move is over extended so the reversal may be sharp in nature
Super run up last 4 months....
Approaching trend line on monthly charts...
euphoria continues and amplifies if monthly trend line is breached on monthly closing basis than a supper rally on the cards...
Any how 3735 is a big hurdle to cross....
Happy trading and like share and follow..
~Monthly chart of NIFTY PSU BANKS has given trendline break out after 12 years.
~The weekly chart is also bullish.
~The chart of NIFTY PVT BANKS IS ALSO SHOWING STRENGTH.
Last week view
On Weekly charts PSUBANK index is moving in this channel and has made a doji at upper resistance line.
This is also kind of pole & flag pattern, if breakout happens upside then we can see good momentum in PSU banks
Latest position
This weekly closing is above the channel but the candle is not very bullish.
Cnx PSUBank cmp 2275
This is weekly chart Psu Bank Nifty ...
a self explanatory chart...
Blue lines is where I am expecting C of WAVE 2 to be completed...
A reversal at those levels can see a Nice rally in coming months...
Psu banks looking good for investments with small sl
Chart is for study purpose only!!!
the PSU bank Index ha s made a head and shoulders pattern ...and is already trading in a down channel ...so if any pull back is not seen better to avoid PSU banks for a while.
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