- Nifty daily is trying to seek support at 50 Day SMA.
- Weekly time frame shows bears threatening with a Bearish engulfing pattern at the top. But this Bearish pattern needs help from 50 Day SMA. If 50 Day SMA does not hold in daily time frame then the Bearish engulfing in Weekly time frame will be effective.
May 23, 2018
May 17, 2018
- Punjab National bank Month chart shows support at 69 levels if that is not held then 57 levels are possible. 57 Levels are last seen in Year 2009. For long term bulls of the stock crucial to stay above 57 levels.
BELOW ANALYSIS WAS MADE IN FEBRUARY 2018. A BEARISH "M" WAS SEEN IN CHART @ THAT TIME
May 14, 2018
- Daily trend continues to favour bulls. 3 times price tested the cloud But bulls managed to hold one. Larger trend will remain safe till price stay above daily cloud.
- Month chart with Fib levels shows a possible target between Golden ratio and 78.6% Retrace level. This level also coincides with some of the falling resistance lines from 147 levels.
- But major event to look out is the move above 200 SMA. In Month time frame this event results in Major directional moves.