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.
