PNB have support at 113 above big bullish and also have Gann support so pnb can touch 125-130-135+++ in next 10-15 days
PNB-price forming a falling wedge pattern with volumes drying up. can it be longed ?
bearish engulfing pattern and price below 8 ema
Price pattern....rest detail setup is not possible here to demonstrate... may it will go or conflunce with yur setup.... till now in buy setup....till above 137.8 and for long term purpose 112
Punjab National Bank after breaking rising wedge pattern retested the broken level again, it seems to trade in downward direction from here, its the best time to enter short on retest level and short between 142-145, risky trader may short at CMP and no more room for conservative trader they can too short at CMP for a target of of 123.00 in near term.
gartley pattern prz zone is @139. -138.10 best price conflunce is@138.10-138.45 stoc in oversold zone
If 5th wave (E) is pending then we can have it with the support of 135 level. Please find the supportive harmonic structure.
PNB seems to have completed it's five wave impulse up. A break of 140 confirmed the -Wolfe wave in action and initiation of shorts.Next support is at 134 and a Break of which will signify further slide to 128-130 levels as a part of corrective downmove
On a daily chart We are in the fifth wave in PNB. Generally 5th wave can be expanded. Which is quite visible and it can expand further too. Once it will get completed we can see a wedge result as a sharp fall breaking down. Before that It can go and touch upward channel resistance. P.S. : I am quite new in Elliot Wave theory so experts kindly correct my wave counts.
PNB is a high volatile stock. On its day it can swing big. Currently we are in the D leg if the pattern is valid. In order to make it a valid pattern it should travel near 144 or above. Wait for some rejection between 144 to 146 level before initiating the trade.
The stock is at a good support area. MACD indicator is showing divergence. Although it is making lower high and seems to be in downtrend one can enter long here with small Stop loss and look for a target of 141. Very good risk to reward ratio.
PNB appears to be on the verge of completing it's upmove that started around 69.30 with a Double bottom. Last high made 150.55.An upmove of close to eighty one rupees.Will wait for confirm signals before going for shorts.
PUNJAB NATIONAL BANK IS FORMING A POSSIBLE H&S PATTERN AS IT IS A TILTED ONE SO NECKLINE WILL BE AVERAGE OF LEFT AND RIGHT SHOULDER'S HEIGHT WHICH IS AT 142. TARGETS ARE OF 200 PLUS . COMPLETED ALL REQUIREMENTS OF BEING AN H&S PATTERN TILL NOW . HOPE FOR THE BEST.
The basic rule of Previous structure works as resistance. PNB has already respected 145 level and reversed. Interesting to see how it moves after reaching near 145.
Today the price action breaks above the previous resistance level of 137.50 and made a close above it. It signals bullishness in price action and now the buyers shall take the prices further up to 145-150 levels. It is a good time to enter with stoploss of 125.
The price action is been consolidating for past four days in the range of 120-124 (3-4%). I'm expecting a breakout next week with a big move. It will be interesting to see whether the price action breaks 124 levels and reach out to the previous high at 136 or whether the correction continues and the price action breaks 120 levels and reach out to 115-116 levels to...