PAEL Breakout on high volume

Pak Elektron Limited (PAEL) has now confirmed its breakout after another day of high-volume gains. Let’s do PAEL technical analysis and see where the stock might be headed.

The stock price formed a symmetrical triangle for some days but after breaking out of this pattern on high volume yesterday, it continued the same today.

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At the same time, it has also broken its previous high of Rs. 26.9. Today’s volume stood at a staggering 64.15 mn shares.

Traders looking to trade the stock for its next leg up can wait for the stock to pull back below this resistance. If there is a breakout of this resistance again on decent volume, that will be a good point of entry for a day trade.

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →