Price has been trading in the long-term channels for more than 16 months. After making a low of 785, prices started rising to the upper band of the parallel channel. Currently, prices are trading above 100 EMA.
PEL has formed a value area with a cup and handle pattern. The neckline of the cup and handle pattern is also the upper band of the value area at 915.
PEL has formed a value area with a cup and handle pattern. The neckline of the cup and handle pattern is also the upper band of the value area at 915.
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This is the reason i don't prefer trading chart pattern without confirmation.
