PNB : Trade again on inverted H &S

22 avr. 2019

PNB had given breakout from the inverted H&S with high volumes. Target of the breakout was 112 but counter retraced from 100 and again cam back to 87 level. Counter should take support around 84 which is 38.2% retracement of entire rally from 58 to 100. After 84 , next support comes at 80-81 range which is also a support of neckline. As counter drifted down from 100 to 87, volume has also come down simultaneously. Traders ,who had created long around 80-81, might have booked profit at psychological resistance level of 100 but the investors who had bought at long term support zone of 60-65 might be waiting for counter to complete full circle.As higher top higher bottom structure is still valid, short term investors can look to buy 50% at 85 and rest 50% at 81 with stop loss below 74 for target 112.

14 mai 2019

Transaction en cours

PNB made low of 78 and then closed at 82.95. stop loss of buy should be modified to 72 on closing basis.