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Technical study – PEL chart looking very interesting to study as we can see there are many technical things to study in this.
Demand trend line clearly suggesting that its having good support at 520-25 range so there we can expect demand in this stock.
we can see its a huge triangle patten for on positional chart, and now it taking support at demanding trend line, but if it able to do the triangle breakout upside then we can see 300 points move also but only after triangle breakout and it can take some more time for that, at same point we can avoid breakdown also at downside, and it that happen then we can see 300 points fall also, but at present we assuming that its has taken support on chart.
RSI suggesting that is a case of positive convergence, and if stock is confirming this support then sharp up move to see in coming days. RSI recently touched oversold zone and now its moving in up-direction.
Stochastic also went into oversold zone recently and its about to move out from that can also suggest us about upcoming uptrend.
About the candlestick pattern we can see that, its a ” EVENING STAR” pattern created on chart, and it can lead for up move in coming days.
over study suggesting that stock has taken reversal from crucial support level, but till it not confirm it we can say that its a reversal, once it confirm the trend with price by closing above 555 level then we can confirm the reverse call in this.
