PNB on a daily time frame has formed a symmetric triangle pattern and also gave breakout with 52 weeks high of 48.20 rupees. The next target would be around 53 based on the width of the triangle.
PNB has turned down all the odds and after 8 months consolidation the stock has shown a big breakout on the charts and its no more a RED symbol and now it turned into a GREEN. I m personally invested in this and the stock is always facing a resistance at 43 mark which is broken today decisively. I m bullish on PSU banks and they will be next untold story.
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...
This is my trading journal, not a trade recommendation. I Will be Posting and updating the ideas regularly, as market progresses, only for educational purposes for me and others who want to benefit from my experience.
DISCLAIMER:
Trading in the stocks market or futures markets is on e of the riskiest forms of investments available in the financial markets and...
PNB- 42.55, It is on cup and handle pattern breakout. Depth of cup is 6.5, breakout point is 41.75. Final target is 48.25. It can reach 44, 45, 48.25 with a sl of 38 on closing basis. Its volumes are good and RSI, MACD favouring upside. This for educational purpose and any investment decision shall be taken after consulting financial adviser.
PNB-CMP-39.15. It is following Elliot wave principle. It is in corrective phase which is against market trend. Means as index is falling it is going up. If it follows the trend it may go up to 40.5, 41.7, 42++. SL is 37 on closing basis. From yesterday it came out of F&O ban and it can actively participate in trades with volumes. This is for educational purpose...
