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.

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.