Downside Prevails
Our Pivot: 36.50
Our Preference: Start short selling PAEL below 35.00 and average it out till 35.60 with strict stop loss of 36.50 and profit target at 33.50 with extension towards 32.70.
Alternate Scenario: Upward penetration of 36.50 will call for 37.50 and 38.30.
NOTE: PAEL have given breakout of its rising wedge in downward direction.
Hourly chart with supports & resistances:
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