PNB trade ideas
PNB - Ascending Triangle Pattern - Short term SwingThis analysis is purely based on price action and Chart Patterns.
The analysis is on 30min TF hence target can be achieved in intraday trade or in couple of days.
Trade logic with SL and Target is explained in image itself.
Don't chase the price. Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
This analysis is purely for education purpose. Kindly do your own study before entering into any trade .
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
PNB - CMP 37.0PNB - 37.0, PNB has gone through rounding bottom pattern. Depth of the cup is 7.35 points. The target is depth of the cup plus price of the cup top = 33.95+7.35 = 41.3. It exactly went up to 41.25 and reversed from there. Then comes how much retracement shall happen. If you take Fibonacci retracement levels the last retracement level is 61.8% of total rise. Here total rise is 14.6. So 61.8% of total rise is 9.02. Hence it shall fall to 32.2. However it made closing low of 31.5 and started raising upwards. Presently it is at 37 and trading in a upward closed triangle. Today it exactly closed at end of the upper line of edge and may break tomorrow. If it breaks the triangular range it can immediately go to 41.2 and above. MACD signal line crossed trend line and is making bullish divergence, RSI also above support line and is bullish. This is for educational purpose and any investment shall be done after prior consultation of financial expert.
PNB CMP 32.4PNB CMP 32.4 - PNB consolidated well between 26.5 to 28.5. Subsequently it broke out from these levels to reach a high of 42.65 on 9.12.20 subsequently it corrected and consolidated around 61.8% Fibonacci retracement level. It started its upward move since yesterday. Upward move is confirmed in hourly charts. RSI also started its upward reversal and MACD signal red bar started reducing. All these are positive indications for its upward move. Also it is in F&O ban for quite some time by creation of shorts. Since last few days short covering is happening and may come out of ban before December expiry. Similar things happened in last week of last month expiry and last week of expiry it made continuous four green candles and made a rise of around 10%. Expected similar events may happen now. Longs can be initiated with a SL of 30 for a targets of 33.95, 36.35, 37.7, 41.2. This is for educational purpose only and any investment shall be done in consultation with financial expert.