SPEL | Inverse Head & ShoulderForming Inverse Head & Shoulder Pattern
Entry Price: 44.70
TP1: 44.70 (towards Neckline resistance)
TP2: 50 (if breaks neckline)
TP3: 56 (Invers H&S Projection target)
SL: 36
SPEL trade ideas
Currently, near Monthly Support level around 39.50 - 40
Though Bullish on Monthly TF, but
Weekly closing is important; above 41
is a positive trigger. Still, 45 needs to be
crossed for a Bullish momentum.
However, Bearish ABCD pattern also
seems in play; targeting around 23 - 24.
SPEL -PSX Technical Analysis
Price after breaking the bearish parallel channel went sideways. Now it can go either way up or down. RSI indicator suggest that it is likely to continue going down.
Therefore, wait till it crosses Rs 42.25 value to initiate Buy.
EMA 89 suggests that it is still in up-trend but price is closing on it and hence may go down.
