STOCK : PUNJAB NATIONAL BANK LTD.
CMP : 57.35 (05/07/2023)
ABOUT : Punjab National Bank (PNB) is a banking and financial services company based in India. It is one of the largest public sector banks in India and has a significant presence throughout the country.
TECHNICAL ANALYSIS CANDLESTICK CHART VIEW(WEEKLY TIME FRAME)
(CLICK ON IMAGE CANDLE STICK CHART VIEW)
OBSERVATION :
The stock has been consolidating for a long time and in a wide range and is currently approaching the side ranges high which can act has RESISTANCE. As per technical analysis once the stock gets break out of its resistance, it usually travels the distance equal to the height of the consolidation.
Above 60 can show upside rally, however there is a level acting as major resistance zone around (70/71) if this levels are broken further we can expect (15-20%) upside momentum coming weeks/months.
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Note : It's important to note that the pattern is just one of many chart patterns used in technical analysis, and traders should always use multiple indicators and techniques to confirm their analysis before making trading decisions
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
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