PAEL Pak Electron Intraday Analysis 4th Sep. 2018

Downside Prevails

Our Pivot: 35.51

Our Preference: Short sell PAEL below 34.50 with strict stop loss of 35.51 and profit target at 32.66 and 32.10.

Alternate Scenario: Upward penetration of 35.51 will call for 36.03 and 37.60 in coming days.

NOTE: PAEL is being capped by a descending trend line on daily chart and as of now its getting resistance from a strong horizontal resistant region. Daily and Weekly momentum indicators are in bearish direction while hourly momentum have just changed its direction in bearish side which would lead it towards 32.66.

Hourly Chart with Supports and Resistances: