The price appears to have bounced from a recent low around the 830 level, forming a potential reversal pattern. The price is currently trading around PkR848.50 after a downward trend that seems to have reversed. There are marked support zones near 830-840 PKR, and the price is showing some recovery with higher highs and lows.
Entering a long position might be considered if the price sustains above the current resistance at PkR850, as this could indicate a continued upward movement. A stop-loss could be set below the previous support at around PkR815.50 to limit downside risk, while targeting a move back towards PkR900 or higher, depending on momentum. However, confirmation of bullish strength is key before fully committing to the position.
Entering a long position might be considered if the price sustains above the current resistance at PkR850, as this could indicate a continued upward movement. A stop-loss could be set below the previous support at around PkR815.50 to limit downside risk, while targeting a move back towards PkR900 or higher, depending on momentum. However, confirmation of bullish strength is key before fully committing to the position.
Trade active
Setup is developing HH & HLTrade closed: target reached
Target Achieved 🚀🚀
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.