The beauty of technical analysis is, If one can understand shows how to trade with set of technical Indicators & price action to cash in the probable trend. This is one of the examples which I would like to carry forward with my research on Punjab National Bank (PNB). My research indicates the price action in PNB and the probable movements in coming days with application of various technical analysis on daily & weekly charts.
PNB Daily chart
PNB Daily Fibonacci chart
On weekly chart although price is trending down the indicators are suggesting higher tops and higher bottom formation. The key support for PNB is around 8 _ _ and 8 _ _ & key resistance is around 8 _ _ and 8 _ _. The key price levels have been intentionally not mentioned to know more about it further contact us back on http://fortunfin.com/contact-us.
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
PNB Daily chart
PNB long term trend line of 920 was not crossed even after a strong up move of almost 12% after the stellar results on 01/02/2013. It has again pulled back to the lower levels the charts are suggesting the formation of a small symmetrical triangle which is on the verge of a break down suggesting negative implications. The 9 - EMA which is 8 _ _, 14 - EMA 8 _ _ and RSI have all been showing negative divergence.
PNB Daily fibonacci chart suggesting 8_ _ as the strong resistance along with moving average at same levels which is not breached in upper side from few trading sessions.
PNB Weekly chart
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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