Butterfly forming on Punjab National Bank ?Looks likes a butterly is setting up on the Punjab National Bank Daily chart.... what say ?
PNB trade ideas
Cup & Handle Breakout - A Potential Long SetupHi,
Here is a nice long setup on Punjab National Bank.
Trade levels shown on chart - feel free to refer it.
Setup posses a potential Risk/Reward = 2.9 ( almost 3X)
Trade with Care
Gulz
positional trade pnbPNB seems holding 120 levels as support
enter short near 125-128 range
sl 138
tgt 1 : 106
Tgt 2 :95
Tgt 3 : 80
Short PNBEngulfing candle. Ripe for correction. Should find support at FIB 38% retracement level. Extremely favourable risk reward trade.
PNB - Bearish Butterfly Pattern Formation It seems a complete formation of bearish butterfly pattern. It needs a red candlestick on Monday to confirm this pattern.
If it is confirmed then it will become low risk high profit trade.
Close watch on Monday closing
PNB : Head n Shoulders PatternUsually I don't trade head n shoulders unless there are other valid reasons to enter.
If you are an aggressive trade, you might want to enter just after the breakout of Neckline which has happened on Friday market closing.
If prices are at your expected entry level during Monday open you can go short in PNB
Happy Trading !
PNB Looks Strongly Bullish It is an ideal time to enter this one as following reasons,
1. Fibs Extension Completed at 1.618
2. Wave 3 completion at Structure
3. Ratio and Structure confluence
4. RSI and MACD negative
Target 1 - 80
PNB - BIG BUY After a long and bleeding down retracement which ends at 1.618 extension, I expect to see a rally from these levels to target 1 and moving onto to Target 2 within 1-2 weeks.
As per the fundamentals, it is trading lower than its intrinsic value which makes it a long term buy opportunity.
