Posted by: Knight Trader
Post Date: May 7, 2024
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.
![](https://ksestocks.com/blog/wp-content/uploads/2024/05/pael-TA-may-2024-1024x534.png)
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.
![](https://ksestocks.com/blog/wp-content/uploads/2024/05/pael-ta-may-2.png)
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.
Leave a Reply