Punjab National Bank (PNB) Stock - Complete Technical Analysis - Sep 24, 2024

Punjab National Bank Technical Analysis: Key Levels & Trends You Need to Know

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.

Today, were diving into a technical analysis of Punjab National Bank, trading at around 108. The stock has shown a solid performance recently, currently sitting 24.54% below its 52-week high of 142.9, reached on April 30, 2024. It's also 60.10% above its 52-week low of 67.35, recorded on October 26, 2023.

Analyzing the price action, we see that PNB formed an inside candle pattern on June 4, 2024, indicating potential indecision in the market. The parent high was 136.4 and the low was 104.2, with the stock trading within this range for a total of 78 days.

From a technical indicators perspective, the MACD is negative, suggesting bearish momentum. The RSI is at 40.46, indicating that the stock is currently in the neutral zone but leaning towards oversold conditions. The ADX is around 30.54, signaling a strong trend presence, though it's crucial to monitor for potential reversals.

The exponential moving averages are indicating a bearish trend as well, with the 10-day EMA at 109.45 and the 200-day EMA at 111.13, creating a resistance zone. Traders should pay attention to key support levels around 110.41 from the classic pivot and lower levels around 104.26, which could be crucial if the stock sees further downside.

Overall, while PNB has some bullish potential, traders should be cautious and consider these levels when making trading decisions. As always, it's wise to watch for confirmation signals before taking any positions.