PEL - above 20 DMA for now!

8 thg 7, 2020

PEL has seen a massive rally post the crash in March! Now, it is continuously trading above 20 DMA of 1425 and has a strong resistance at 1450 and then at 1500. Decisive fall below 1425 opens up shorting opportunities which can trigger a correction of 5-10%. Alternatively, decisive movement above the DMA, followed by break of hurdle at 1450, can take the stock all the way to 1500 which seems to be the intermediate top and a massive hurdle. Stock failing to break the two hurdle levels would open up shorting opportunities. However, further move has to be decided based on subsequent candles! Will update accordingly!