ILP | Head & Shoulder
The chart represents a head and shoulders pattern for Interloop Ltd. (ILP) on the Pakistan Stock Exchange (PSX). This technical analysis indicates a potential reversal in the stock's upward trend. The chart marks the "Left Shoulder," "Head," and "Right Shoulder" at the top of the price movement, forming the classic head and shoulders structure. The "Neckline," drawn horizontally, acts as a support level around PKR 63.91. The stock price has tested the neckline multiple times, and a breakdown below this level could indicate a further downward trend, possibly aligning with the projected blue arrow suggesting a significant price drop if the pattern completes.
Note
Is this a fake break out or just a retest. Lets see!
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