PEL LONGTriangle with a positive breakout, in a retest phase.
Buy position: Risky traders can buy on Monday, moderate risk-takers can wait for the last kiss.
In both cases, Target is 1800 , so it will give you a great opportunity even if you buy a Lil bit late.
TARGET 1800
SL: 1476
YOU CAN BUY WITH A GREAT RISK to REWARD RATIO 1:7
SHARE YOUR VIEWS in the COMMENTS!!!
CHEERS!
I never trade with a RISK to REWARD ratio less than 1:4
PEL
PEL LOOKS REALLY AWESOMEPEL TRADING SCENARIOS:
1.BUYING ABOVE 1370 ON A CLOSING BASIS FOR A TARGET OF 1500/1550
2.SELLING CAN COME IF WE HAVE A CLOSING BELOW 1275 AND IN THAT CASE ITS WEEKLY SUPPORT NEAR 1020 CAN BE TESTED IN NEAR TERM
3.BREAKOUT ABOVE THE UPPER END OF THE CHANNEL CAN END THE LONG TERM BEARISH TREND IN PEL WHICH HAS BEEN GOING SINCE SEP 2018.
PEL Daily Analysis .Price Is Consolidating In A Range ( 800-1000 )
High Volumes Are Coming On The Bottom Of The Range . ( Shows Buyers Strength At Below Levels )
Price Is Ranging Up With A Good Volume Showing Strength Of Buyers Are Intect On Higher Prices .
Highest Volume Traded Is At 936 That Would Be A Good Support .
In Lower Time Frame ( 75 Min )
Last Candle Given A High Volume Breakout .
Look For Breakout Above 1000 ( Psychological Level )
Go Long Above 1000 With A Sl Of 890 .
Can Give Higher Targets Conventional will be Around 1150-1200 .
One Can Look for better Opportunities With Trailing Sl .
Attaching 75 Chart Along with It .