There is a good buy opportunity in the Punjab National Bank, on the basis of Positive Divergence Pattern in a daily time frame chart. This pattern can be drawn as well as observed after forming lower lows in price chart and higher highs in RSI Indicator. The trader should place a long position with a stop loss of 58.70, provided the stock gives today closing above...
As per the charts.
If it open gaps up, please avoid buying it and I will write up for proper and better entry; I might short ATM PE and OTM CE in that's the case.
PNB is looking bullish on the daily timeframe and due to FM announcement, the sentiment would be also positive.
Buy if it sustains above 64 for targets of 67, 69 and 71. SL would be 60.90.
Central Pivot Range (Dotted Blue line) is very narrow, expecting a trending day.
64 is monthly as well as daily resistance, expecting huge resistance from that level
#PNB Rsi divergence in the daily TF. also trading at key resistance level of 68. MACD is also showing a buy here. Will be good buy @68 with 65 stop and 74 profit booking.
CPR very wide indicating a possibility of sideways movement confined between H2 and L2, may go lower.
PNB @ 59 is a very strong support which has not been broken in last 11-12 years. If that price is not breached, expect a rebound upwards in few months.
PNB BUY with SL 63 Trgt 78+
2 Strategies mentioned post profits reported by PNB in Q1 earnings.
Breakout expected in next week.
OR
Buy PNB 75 CE Aug19 @ 1.25
Buy PNB 80 CE Aug19 @ 0.60
![PNB: [HP] PNB Buy Idea](https://s3.tradingview.com/u/ugAqemmS_mid.png "[HP] PNB Buy Idea")
