: Buy PEL above 2810 with short term target of 3010

After many months of a remaining in a broad trading range, the stock is looking for a breakout and this is likely to see the stock testing its previous highs. The prices have broken out from a falling trend line resistance. Presently it is seeing a throwback. The On-Balance Volume – OBV has already market a fresh high which is bullish . It gives confirmation on the volume front and lends credibility to the breakout. While Weekly MACD stays positive while trading above its signal line, Weekly RSI has marked a fresh 14-period high which is bullish . It is also seen breaking out of a formation. Though some minor consolidation cannot be ruled out, the stock is set to see its previous highs. Any move below 2625 will be negative for the stock.
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