Punjab National Bank (Elliott Wave Analysis)

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 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.

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