PEL is looking for a move towards the upside.
The way it has broken away from 2+ years of trendline shows the strength of the bulls present.
PEL is interestingly a money bag for those who prefer to stay long in the market with a futuristic view however fundamentals will play a huge role in the coming movements.
Keep an eye on quarterly reports and future...
CMP : 1492.65
TGT : 1560 , 1594 , 1620++
COMPANY HAS REDUCED DEBT.
STOCK IS TRADING AT 1.07 TIMES ITS BOOK VALUE.
COMPANY HAS BEEN MAINTAINING A HEALTHY DIVIDEND PAYOUT OF 452.69%.
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Inverse H&S is being formed on daily chart. Daily close above 1530 would be the confirmation. It must be supported with heavy volume and full body wide range candle. Target will be 2500.
Disc : It's not an advise to buy or sell
PEL is in sell zone and it is moving in downward direction with a bear flag. A bear flag pattern provides an extension/continuation to an existing downward trend.
* Stock has broken trend line.
* Stock has broken support line.
* Developed bearish flag pattern.
* Retracement of flag is less than 50% of its Pole.
In a downward sloping channel.
at 1550 , a very strong resistance.
Last 3 months trading in a very constricted band of 1350 - 1550.
Be careful if it trades below 1300.
One hand loses another hand gains. ;)