HALEON PSX - LONG (Buy) Trade Call - Daily TFTechnical Analysis:
On Daily TF, price is well above EMA 89 and just above EMA 21. It indicates bull run and ideal time for Buy entry. Parallel channel has also been drawn and price has taken a support from lower line of channel as well. It may not slip any further and may go upwards from here onwards. HOWEVER,
Klinger Oscillator, on the other hand, has dipped below Zero level and in nosedive position. Moreover, RSI indicator shows a bearish divergence formed on Wednesday (2 days ago) - indicating a likely trend reversal after which a dip in price is seen.
Scenario 1: Therefore, if price goes up beyond 615 on 28-10-2024 at 10:00 ~ 10:15 am, one may buy.
Scenario 2: On the other hand, if price goes downwards then it is likely to test Fib retracement till Fib 0.68 level. One must take entry then. Fib Extension tool defines the TPs as mentioned below:-
Buy Trade Call Scenario 1:
Entry (BUY): 615
SL: 585
TP1: 778
TP2: 834
TP3: 915
Buy Trade Call Scenario 2:
Entry: 518 with Stop Loss value at Risk of 2%.
TP1 :650.
Remaining TPs can be kept similar.
