Punjab National Bank (PNB) Stock - Complete Technical Analysis - Dec 23, 2024

Punjab National Bank Technical Analysis Support, Resistance & Trading Insights PNB Stock Review

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. PNB's technical setup reveals a stock under pressure, trading at 100.77, significantly lower than its 52-week high of 142.9. Over the past few weeks, PNB has witnessed declines, and technical indicators are pointing toward continued weakness. The Relative Strength Index (RSI) is under 40, indicating that the stock is in oversold territory, which could present a short-term buying opportunity, but it is crucial to wait for confirmation of upward momentum. The Moving Average Convergence Divergence (MACD) indicates a minor positive crossover, but it is not yet strong enough to signal a full-fledged rally. On the charts, the Bearish Harami pattern suggests the possibility of further price declines, and traders should keep an eye on support levels around 97.17.

In the short term, the price could be volatile, with the stock bouncing off key support areas and resistance levels holding strong at 110. The average true range (ATR) indicates significant daily price swings, suggesting that traders should be prepared for quick moves in either direction. The exponential and simple moving averages show the stock trading below them, which is a bearish signal, reinforcing the likelihood of continued downward movement. A break below 97 could open the path toward the next lower support zone, while a strong reversal could see PNB testing resistance at 110. Strong caution should be exercised with tight stop-loss levels. Keep an eye on the Stochastic RSI for signs of reversal, as the current low levels could provide an entry point for longer-term investors if confirmed by other indicators.