PNB daily chart From the above daily chart of PNB, prices are moving in a higher highs and higher lows and it is all set to give a bullish break. Currently prices are above both the moving averages used in the above chart (20 EMA red and 50 SMA blue). This opens positive possibility for prices to move higher from current levels as there is a bullish crossover. As per wave theory, prices have completed wave a in a corrective pattern and after that there was a sideways move which eventually ended in a symmetrical triangle pattern (a-b-c-d-e) and now it is moving up in the form of wave c. This wave c can move higher till 52-54 levels which is 61.8% of wave a to wave b (minimum). The summation is prices are positively poised and can move higher near to 52-54 levels over short term.
Showing posts from October, 2021
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Nifty hourly chart From the above chart, the benchmark is moving in a rising channel and recently the channel is broken which opens negative possibilities. Price confirmation is yet not obtained but break of channel is confirmed which is a sign of caution. Also momentum indicator RSI is relieving from the overbought zone and can move down from here. As per Wave theory, am impulse rise is seen on the short run which now opens a corrective wave adjacent to the current rise. This means prices are all set to dive either in zigzag , flat, triangle and so on. On the downside there are cluster of supports placed at 17320-17300 levels. The summation is Nifty can plunge near till 17320-17300 levels over short term as far as the level of 17645 is intact on the upside.