$PSNL have just broken out of its 6 months Trend Channel; coinciding with an immediate breakout of its Ascending Triangle chart pattern. The counter have now rallied to a total gain of +20.61% from its chart pattern breakout during the week.
The development of the highlighted patterns were contested on 23rd November 2020 (greyed), with $PSNL encountering its largest sell off of the year. The intraday -17.89% session was accompanied with volume exceeding more than 250% above its 50D volume average, which invoked fear among the retail community of this counter.
On the flip side, the close of that bearish market session have $PSNL remains supported at its 50DMA level, with insufficient weakness to test the major support at $24.00. The scenario have indefinitely presented a very optimal bullish opportunity with all the weak hands being flushed out, reinforcing the trend channel momentum of $PSNL.
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The development of the highlighted patterns were contested on 23rd November 2020 (greyed), with $PSNL encountering its largest sell off of the year. The intraday -17.89% session was accompanied with volume exceeding more than 250% above its 50D volume average, which invoked fear among the retail community of this counter.
On the flip side, the close of that bearish market session have $PSNL remains supported at its 50DMA level, with insufficient weakness to test the major support at $24.00. The scenario have indefinitely presented a very optimal bullish opportunity with all the weak hands being flushed out, reinforcing the trend channel momentum of $PSNL.
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