PNB Elliott Wave Analysis and Technical Analysis

 PNB daily chart

PNB hourly chart

From the daily chart, prices recently crossed its cluster of resistance and it is trading above it. Now the horizontal line which was earlier acting as a resistance will now be a support. It is very likely that it will come to test the level of 40-39 which is a good level to buy. Also there is a pattern of double bottom which is recently completed with heavy volumes. The target of the pattern comes to 50 levels for this PSU banking stock.

As shown in hourly chart, the stock recently crossed its previous high thus discontinuing lower highs and lower lows and is all set to move higher from current levels. RSI has arrived near the oversold terrain and can reverse, once price starts moving higher.

As per Wave theory, the stock is on the brink to complete wave (ii) of wave iii. Wave iii is extended and can move higher close to 50-52 levels over short to medium term.

The summation is PNB is positively poised and can move higher from current levels near to 50-52 price zone. The level of 37 will act crucial on the downside (closing basis).

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