PNB Chart Nov. 8, 2011

PNB just broke above a small consolidation pattern as seen above at 55 level (letter C). It now becomes the new support of the stock. As long as the break-point at 55 holds, possible retesting of resistance seen at 60.40 (letter B) and 63 (letter C) are possible.

Much emphasis should be given also to levels in between 60.40  (letter B) to 63 levels (letter C). These areas are what we considered as major resistance or breakout point area. Expect a lot of sellers to come in but if stock price can break above these areas then a good upward momentum is expected to ensue in the medium term. There probably can be retesting of recent medium term high of P74 level.