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MURREE BREWERY LTDMM

MURREE BREWERY LTD

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MUREB trade ideas

MUREB Strong Rebound with Potential RetracementThe chart displays the daily price movement of Murree Brewery Ltd. (PSX), showing a significant uptrend after a prolonged downtrend from 2018 to early 2023. The stock has recently rallied strongly, reaching a high around PKR 705.69 before facing resistance, as indicated by the Fibonacci retracement levels plotted. The price currently hovers around PKR 615, suggesting a potential retracement phase. Key support levels include the 38.2% (PKR 516.76), 50% (PKR 494.47), and 61.8% (PKR 472.17) Fibonacci levels. The chart indicates that a break above PKR 640 could lead to further bullish momentum, while a decline below PKR 568.30 might signal a deeper correction.
PSX:MUREBLong
by mbaberhanif
Murree Brewery Limited In the context of a cup and handle pattern, the cup materializes as the value of an asset undergoes an initial ascent, subsequently followed by a gradual descent, culminating in a rounded bottom reminiscent of a "U" shape. Presently, the price action is demonstrating the formation of such a "U" shape, with an anticipated completion near the 403.90 mark. Following this stage, a rejection is expected to occur. Notably, from the current valuation of 338 rupees, a potential gain of 19.50% is discernible before the onset of the anticipated rejection phase, subsequently paving the way for the establishment of the pattern's handle.
PLong
by mbaberhanif