Pak Elektron Limited (PAEL) is forming a bullish flag.

Pak Elektron Limited (PAEL) is forming a bullish flag. The price has also closed above the resistance line. Short term target can be set to the recent high of 45-46. It can further rally if it breaks above the resistance of 45-46

If it breaks above 45-46, the flag projections lie at 60. 50% profit can be booked at half of the target.

PAEL has also broken past the monthly resistance of 42.5 with a volume of 841.37 million shares. The highest in it’s history, which is also a bullish indicator. With Interest rates falling and a good result being expected, this could be a good stock to keep an eye on. Furthermore, Topline Securities has also maintained a buy stance on PAEL with a target price of 58RS/share.