PNB housing update.
Stock price had reached swing high of 600 in most recent upmove and corrected from there to post swing low of 525 and on the back of good results today, went up and closed at 556, having made an intraday high of 562.
Interesting to note a very classical rounding bottom formation which has a top at 925 and low at 311. Post its lows, it started moving up and the best possible entry point was at dotted green line which was early stage of rounding bottom, where typically stock price is well above 200 dema, and 200 dema is starting to trend up and stock price is above important pivots of 460. After rallying from 460, it crossed an important previous top at 533, hit a swing just above it at 543 and corrected to take support at previous resistance region of 460. It started a fresh upmove from here and took out the swing high of 542 and went on to hit a high of 600 and corrected and took support at area of previous resistance of 533. (usually it is plus or minus a few rupees) It seems to have turned up from this region and we need to see how it behaves now onwards. Most important feature has been the positive response to reasonably good results.
Marked on chart is a possible resistance zone between dotted red lines and possible aspirational targets marked in dotted blue lines, above 600.
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