: Buy PEL above 2810 with short term target of 3010

After many months of a remaining in a broad trading range, the stock is looking for a breakout and this is likely to see the stock testing its previous highs. The prices have broken out from a falling trend line resistance. Presently it is seeing a throwback. The On-Balance Volume – OBV has already market a fresh high which is bullish. It gives confirmation on the volume front and lends credibility to the breakout. While Weekly MACD stays positive while trading above its signal line, Weekly RSI has marked a fresh 14-period high which is bullish. It is also seen breaking out of a formation. Though some minor consolidation cannot be ruled out, the stock is set to see its previous highs. Any move below 2625 will be negative for the stock.