PSX - FFL Application of DOW TheoryThe market is in Bearish Trend it continuously creating LL & LH.
Currently there is no sign of trend change so we have to wait or we have to take a Short entry
to enjoy trading.
FFL trade ideas
Still Bullish on Weekly TFStill Bullish on Weekly TF
May Accumulate on Current Levels with a
Stoploss of 8.30 on Closing Basis
FFL is BullishFFL is currently on a decisive point, although it is making higher highs and higher lows and is in a strong uptrend according to Dow theory, however, bearish RSI divergence has appeared on the 1D time frame, hence caution must be practiced. A breakout above previous higher high i.e. 12.0 will dilute divergence. But, on the flip side, if previous higher low is broken, it could trigger a bearish rally.
PSX: FAUJI FOOD LTD. POSTING HIGHER HIGHSFFL is in bull run and posting HH . Recently it has posted new higher high, indicating bullish momentum.
We should capitalize on this opportunity and may take entry in the trade. with the help of hourly chart a smart entry level has been marked on the chart.
for ready reference SL & TP levels have been identified on the chart.
FFL is BullishFFL is in a strong up-trend and printing higher highs and higher lows, the formation of a bullish engulfing candle indicates new higher low, and hence more upside movement is expected.
PSX: FFL IN BULL RUNFauji Food Limited has posted higher highs. We can buy at the current level with the profit target of Rs. 7.63
FFL rejectionFFL testing resistance with RSI at over bought level. Rejection can be expected. Support level is at 6.15
