PAEL PakPak Elektron Ltd Mid-Term Analysis 18 April 2016

Upside Prevails

Our Pivot: 52.55

Our Preference: Buy PAEL above 60.21 and average it out till 58 with strict stop loss of 52.55 and profit target at 68.60 with extension towards 76.10

Alternate Scenario: Downward penetration of 52.55 will call for 47.90.

NOTE: PAEL have recovered from its bearish trend channel after completing Elliot Wave and right now its in correction mode of that wave and trying to formate ABC of that wave so its expected that it will bounce back around 50% of its previous bearish rally

Recommendations:

Buy above 60.21 and average it out till 58 with target at 68.80 and 76.10

Weekly Chart with Supports and Resistances: