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Is The Downtrend In PEL Intact??

Is the downtrend in PEL intact??

PEL  fell sharply from the highs of 3321 levels to 1800 levels. The short term trend on  daily charts turned  down. The stock since then reversed the fall. The rally in the counter halted the at 61.8% of the fall at 2769. For a stock to change its  down trend the 61.8% of the fall should be surpassed or else  the trend remains down.  That the stock could not close above the 61.8% of the fall at 2769 is a confirmation that the downtrend in the stock is intact and its fall is incomplete. The crossover of the shorter moving average over longer moving average is yet another indicator of down trend. The shorter moving average is about to give a negative crossover and that will be yet another indication that the trend of the stock is down. The RSI on the weekly charts is oscillating between 30 and 60-65 which is the bear zone of the RSI. Hence the RSI too is indicating that the trend of the stock is still bearish. The first support now lies at the Fibonacci confluence zone of 2426 which is some 5 percent from the current levels.

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