PNB trade ideas
Punjab National Bank ??? ..... NPA reduced ..... heading ??Observations : Ralied from 31 levels to 35 levels in anticipation of results...
Technically 37 will act as a strong resistance...
Breakout above 37 new trading range..
Sustaining below 33.60 rally fizzles out......
Time Frame : 10-15 tradig sessions...
$PNB - End of 9.5 yrs correction, next target 1000I believe we are at the end of a 9.5 years bear market for Punjab National Bank, which represents the Wave2 and Wave3 bull rally can take the price above 1000 easily (not sure on timeline, possibly years)
Factors in favor of correction ending (or almost)
- Hit the 0.618 Fib support line, a typical wave2 turn-around point
- Y is 1.618x of W
- Internal sub-waves of WXY have A:C = 1:1
- Weekly RSI is the lowest ever (oversold)
- Price corrected by 90%
Note that a further drop in Nifty can drag the price down IMO
Here is a macro view of monthly chart
$PNB - IH&S formation taking placeIH&S not yet complete but chart looks very similar to Bank of Baroda which confirmed IH&S recently and currently testing it's neckline. PNB would most likely complete IH&S structure and followed by breakout. Breakout target is given on chart.
T1 - 70.5 INR
T2 - 83 INR