OBOYWe can attempt to buy OBOY from specified levels as it give breakout of trendline resistance , accumulation phase , also there is no bearish divergence at current levels.
SL , TP mention in chart.
OBOY trade ideas
PSX:- OBOY FORMING A CONTINUATION PATTERN CUP & HANDLESince the start of 2023 the script has been in consolidation after a long bearish spell. At the end of year it gathered some support to stage a break out but could not sustain the Bears consequently it went in to another strength gaining spell. From the last week of April we are witnessing gradual increase in volume which is also showing in the rise of Average Volumes. Last weak b the bulls tested the previous high of 7.93. Albeit the succeed to cross it yet they could not sustain. Thus making a potential Cup. Now we have to wait and see if it forms a handle or not.
If it forms the handle the entry price shall be close above 8 and TP shall be at 10.5. Stop loss has been placed at 6 but this shall be confirmed once the handle has been formed.
Due diligence and strict money management is solicited.
Have a profitable trading.
OBOY is BullishOBOY has broken out of the accumulation phase and has created a new higher high, it is all set to start a new bullish rally. If the KSE-100 continues to showcase strength, OBOY could potentially give a 40%-60% return in coming weeks. Targets are mentioned on the chart.
OBOY- Can Accumulate with a Stoploss of 6.50 (Closing basis)
- However, if 8 is Sustained, Target will be 9 plus
Breakout of Accumualtion PhaseOBOY is on the verge of accumulation phase breakout. This phase followed by advancing or trending phase which is good for bulls/buyers.
Buy at cmp
SL : 5.15
TP1 : 9.40
TP2 : 12
