HALEON Pakistan Ltd (PSX: HALEON) is currently undergoing a correction phase after a strong bullish rally. On the weekly chart, the stock is consolidating within a descending wedge pattern, typically a bullish reversal setup if broken to the upside. The price is hovering around 727, near a critical support zone (700–715), which has held well so far. If this zone continues to act as a floor, it may lead to a bounce toward upper resistance levels.
However, if this support breaks, the next major area to watch is the “Golden Pocket Zone” between 530 and 615, based on the Fibonacci retracement levels (61.8%–65%). This zone is considered a strong accumulation area and could attract long-term buyers.
To the upside, resistance levels based on Fibonacci include 770 (38.2%), 806 (50%), 841 (61.8%), and the previous high at 956. A weekly breakout above 770–800 would indicate a potential trend reversal and could open the way back to the 950+ zone and beyond. Conversely, a breakdown below 700 might trigger a deeper correction into the golden pocket zone.
Overall, HALEON remains structurally bullish in the long term while showing short-term weakness. Investors should monitor for a breakout above the falling wedge to confirm trend reversal or be prepared to accumulate near the 530–615 range if further downside occurs.
However, if this support breaks, the next major area to watch is the “Golden Pocket Zone” between 530 and 615, based on the Fibonacci retracement levels (61.8%–65%). This zone is considered a strong accumulation area and could attract long-term buyers.
To the upside, resistance levels based on Fibonacci include 770 (38.2%), 806 (50%), 841 (61.8%), and the previous high at 956. A weekly breakout above 770–800 would indicate a potential trend reversal and could open the way back to the 950+ zone and beyond. Conversely, a breakdown below 700 might trigger a deeper correction into the golden pocket zone.
Overall, HALEON remains structurally bullish in the long term while showing short-term weakness. Investors should monitor for a breakout above the falling wedge to confirm trend reversal or be prepared to accumulate near the 530–615 range if further downside occurs.
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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.