ILP | Head & Shoulder
ILP showing a clear Head and Shoulders pattern, which is a common bearish reversal signal. The components of the pattern include:
Left Shoulder: The first peak that forms after an uptrend, followed by a pullback.
Head: The highest peak that follows the left shoulder, followed by another decline.
Right Shoulder: The final peak, lower than the head but similar to the left shoulder, indicating weakening upward momentum.
The pattern's Neckline is clearly drawn around the PKR 64 mark, and the price has broken below it, confirming the head and shoulders formation. The price recently fell significantly (down 11.66%), suggesting a potential move lower, as depicted by the projected trendline that points towards a support level around PKR 46.30.
The overall analysis points to a bearish outlook, with a likely further decline towards the mentioned support level, assuming no significant changes in market dynamics.
Left Shoulder: The first peak that forms after an uptrend, followed by a pullback.
Head: The highest peak that follows the left shoulder, followed by another decline.
Right Shoulder: The final peak, lower than the head but similar to the left shoulder, indicating weakening upward momentum.
The pattern's Neckline is clearly drawn around the PKR 64 mark, and the price has broken below it, confirming the head and shoulders formation. The price recently fell significantly (down 11.66%), suggesting a potential move lower, as depicted by the projected trendline that points towards a support level around PKR 46.30.
The overall analysis points to a bearish outlook, with a likely further decline towards the mentioned support level, assuming no significant changes in market dynamics.
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.