BIPL has been trading in a channel since March 2024, with a range of PKR 20 to PKR 26.1. Recently, the stock made a sharp downward move in the form of a spring, quickly returning within the range, indicating a potential reversal or upward action.
The stock has formed a reversal pattern in the shape of an inverted head and shoulders pattern, with adequate volume distribution and price action in a spike fashion, suggesting an upward move is likely.
However, buying at the current level of PKR 23.15 is not recommended. Instead, we suggest waiting for a pullback to the demand zone that caused the upward move, which lies between PKR 22.3 and PKR 21.4.
🚨 TECHNICAL BUY CALL – BIPL🚨
- Buy 1: PKR 22.3
- Buy 2: PKR 21.4
TP1: PKR 24.7
TP2: PKR 26
stop Loss: Below PKR 20 (DAILY closing)
Risk-Reward Ratio: 1:3.37
The stock has formed a reversal pattern in the shape of an inverted head and shoulders pattern, with adequate volume distribution and price action in a spike fashion, suggesting an upward move is likely.
However, buying at the current level of PKR 23.15 is not recommended. Instead, we suggest waiting for a pullback to the demand zone that caused the upward move, which lies between PKR 22.3 and PKR 21.4.
🚨 TECHNICAL BUY CALL – BIPL🚨
- Buy 1: PKR 22.3
- Buy 2: PKR 21.4
TP1: PKR 24.7
TP2: PKR 26
stop Loss: Below PKR 20 (DAILY closing)
Risk-Reward Ratio: 1:3.37
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.