PEL has created a good double bottom at good demand zone. The sideways channel is indicating stock can moving up to 2156-2206-2262-2316-2375-2410 and more.
This post is absolutely for learning and knowledge sharing purposes.
PEL Taking support @2200.
Enter 40% position at current, 40% @2250 20@ 2170 (if get).
Trailing Close when retrace more than 5% from high. Target of 30% till 31st August or else close on the date with whatever profit or Loss.
Be careful going ahead here. If it doesn't recover tomorrow it could be due a good sized fall from tomorrow.
Its broken a long term support trendline today. Its currently at its 200WEMA (which according to me is a strong support). The 50 MEMA is around 2000.
If it breaks Rs. 2000 it is a sure shot shorting opportunity.