PRIMAL ENTERPRISE Trading SetupAll charts are purely for educational and information purpose only. Invest or Trade at your own risk.
PEL trade ideas
PEL king of fake breakouts and breakdownspel as can be seen i chart attempted and filled the gap near 961 but the shadow of the candle is more than the body.With good supply and resistance zone near 960/1000 this looks a better option to go short until the resistance is holding the fort.
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Seems the scrip is out of the woodsIn case of sheer bearish move,the scrip is likely to find support at 669. In the short term it is having support at 825 and there is a strong barrier at 1000 and various attempts to cross the resistance in the last 50 days have turned out to be futile. Seems the worst is over.
WAVE ANALYSIS PIRAMAL ENTERPRISE Daily Elliot Wave Analysis
May 8th, 2020
Wave 4 is not overlapped wave 1
In this technical blog, we are going to take a look at the past performance of Daily Elliott Wave Charts of PEL. In which, the correction started from 31st August 2019 (3229.45), The price started falling from its peak.
Another leg of strength in wave (5) should take place to complete the 5th wave.
The view is of short till 600 odd level & then will complete the structure.
NSE:PEL
PELBroke the trendline , pullback happened , bearish candle confirmed reversal . Nifty is the sole villian. Nifty is bullish today.
PEL possible short tradeOnce can short for levels of 900-880 if the above resistance is not broken, with broader markets being bearish, i am expecting it to react once for a pullback before crossing the resistance level.
PEL seems breaking triangle patternThe stock PEL seems to be breaking a triangle pattern and may retest the lower side of the triangle and go down again.
PIRAMAL ENTERPRISEPIRAMAL ENTERPRISE (NSE:PEL) : PEL (CMP 904.65) is near to break ST at 897 on down side and if crosses below 897 can move up to T1- 880 & T2 870.However, if Bull will take charge then it would be good on Buying side when CMP is above 914 for T1-924 & T2-938.
Look for confirmation on either sidePrice at resistance level .If breaks 995 - TARGET - 1007 & 1021 .
Due to expected bearishness on Monday - wait for confirmation
Move with the Market.Follow levels given in the chart.
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Pel Open Interest
23,92,896 -2.07 %
and price has inreased over last session. this may say that this is in short covering and if the stocks passes 880(breakout point) with good vol than it will tgt 900 .
and if the price fall down below 840 it will fall to 820
PEL, Learn & Earn (Fibo retracement)PEL after retracing to 61.8% level has continued is down movement. Good candidate to short below 828
PELPEL --- sHORT BELOW 823...INTRADAY TARGET 812...SWING T1 -764 T2 - 606
REASON...MORE OI REDUCE ON SHORT SIDE....
0.618 RETRACEMENT BREAKED
FOLLOW YOUR RISK MANAGEMENT...
DO YOU OWN ANLAYSIS BEFORE TAKING POSITION
