NSE: PNB Housing Possible long for 1037+
Trading above 50% fibo level and acting as support
Possible long at current level with stop loss @ 824
Target insight 963 & 1034 + in short term
Break out above 1000 level will push prices rapidly higher
Break below 824 will bring more downside
Use stop loss and trail stop loss
Time frame 4 to 6 weeks
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PNB Housing broke out of its lifetime expanding wedge, After making a double top,finding neckline support at 618 FIB of the previous leg up.
Moving in the green channel, its currently in breakout/reversal zone.
The stock had formed a good bearish candle on Thursday and then it opened gap up and maintained the strong momentum with great volume the entire day on Friday also breaking a short term downward sloping trendline indicating a strong upmove in the days to come. It is good buy at cmp with a target of 1685 and a stop loss of 1496.