Though PRL is trending in uptrend channel(yellow) in higher timeframe, presently it is in its down leg(pink channel), it has taken support from an important level of 22, it seems going towards higher end of Yellow channel or measured move after breakout from pink channel but there seem two main hurdles in this scenario, biggest is Bearish Breaker Block at 33 and others is still smaller volumes in its current rise from 22.
If PRL gets rejected from 33 then its downside target will be 20.
But on a brighter side if it manages to breakout from pink channel at 35 with heavy volumes only then can it go to target of measured move to 46 and yellow channel top 49
Conclusion: Don't buy at current levels before breakout at 35. In case of previous buying apply SL in case of rejection at 33
If PRL gets rejected from 33 then its downside target will be 20.
But on a brighter side if it manages to breakout from pink channel at 35 with heavy volumes only then can it go to target of measured move to 46 and yellow channel top 49
Conclusion: Don't buy at current levels before breakout at 35. In case of previous buying apply SL in case of rejection at 33
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.