Turning Down
Our Pivot: 34.40
Our Preference: Start short selling PAEL below 31.60 and average it out till 32.30 with strict stop loss of 34.40 and profit target at 24.96 with extension towards 21.80.
Alternate Scenario: Breakout of 34.40 on daily chart will call for 37.10 and 39.
NOTE: PAEL is capped by two major resistances at 31.60 and its daily 50% correction of its latest bearish rally is being completed at 32.30. Daily stochastic is ready for a pull back in bearish direction.
Daily Chart with Supports and Resistances:
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