PSX
HUBC -PSX - Technical AnalysisHUBC on Daily TF is going bullish. RSI momentum indicates a steady rise and hence prices are going up. KVO also is suggesting that trend is going upwards but still the real Bull run has not begin. Weekly channel has been drawn. Once, this weekly channel is broken upwards then the real bull run will kick-in.
Therefore, sensible trade plan will be to now (Buy-1) and then exist (TP-1) at upper weekly resistance line. Then if the price breaks the resistance, buy again (Buy-2).
Butterfly Harmonic pattern has also been drawn which if respected by the price, then the weekly upper resistance line will not be broken. In that case price will drop to point C where a new buy can be initiated (BUY-3).
LONG (Buy) Call
Buy-1 : 118.20
SL 1: 102
TP-1: 137.00
Buy-2 : 140
SL 2 : 135
TP-2: 165.00
BUY-3: 103
SL 3: 93
TP-3: 165
ILP potential Buy setupReasons for bullish bias:
- Price formed double bottoms at strong support level
- Overall, a bullish trend on daily
- Bullish divergence
Here are the recommended trading levels:
Buy 1(CMP): 71.7
Buy 2: 67.2
Stop Loss Level: Closing below 61
Take Profit Level 1: 78
Take Profit Level 2: 85
DGKC potential Buy setupReasons for bullish bias:
- Price gave a bullish closing above the weekly support level
- Price bounced from fib golden pocket
- Price gave downward trendline breakout
- AB = CD pattern can be seen, if price give resistance (also TP1) breakout, then next target can be considered at point D(approx. 105)
- Overall a bullish trend on daily
- Bullish divergence
Here are the recommended trading levels:
Buy 1: 87.03 (CMP)
Buy 2: 81.5
Stop Loss Level: 72.04
Take Profit Level 1: 96.5
Take Profit Level 2: Open
Happy Trading