Punjab National Bank - Elliott Wave Counts

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 PNB 2 hour chart


Analysis

From the above chart, prices are moving in a lower highs and lower lows and is moving precisely in the falling channel. Recently it has arrived near to the support of the channel where the RSI has also been exhibiting positive divergence.

As per Wave theory, the stock has completed wave a of one higher degree and has opened wave b in which the last leg of wave b which is wave c is pending on the higher side which can go till 50-51 levels.

The summation is PNB can show a bounce back from the support levels towards 50-51 levels over short term.

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