PAEL Pak Electron Short Term Analysis 26th Oct. 2018

Turning Down

Our Pivot: 34.40

Our Preference: Start short selling PAEL below 31.60 and average it out till 32.30 with strict stop loss of 34.40 and profit target at 24.96 with extension towards 21.80.

Alternate Scenario: Breakout of 34.40 on daily chart will call for 37.10 and 39.

NOTE: PAEL is capped by two major resistances at 31.60 and its daily 50% correction of its latest bearish rally is being completed at 32.30. Daily stochastic is ready for a pull back in bearish direction. 

Daily Chart with Supports and Resistances: