Over all Price chart is in Bullish Trend. Therefore, in long run price will go up.
There is a big RSI divergence indicating a Bearish reversal which is playing right now.
Fib retracement to 0.618 level (PKR 236.72) is expected to be tested. One can take Entry at that point.
However, it can even slip to Fib 0.786 level (PKR 229.39).
Finally, in case The Reversal is fully played by the Divergence, then price must break below PKR 220. If that happens then price will slip down to PKR 200 or below as well.
On the other hand, if one looks at the Volume indicator then LOW volume is consistently seen, which implies that it is time to BUY.
PSX index is on a Bull run as well, which also means that full reversal is not likely to happen. It is just Institutional Buyers are taking profit at the moment.
My Trade values:-
LONG Trade Call (Split Buying in 2 trades)
Entry 1 (Pending Order) Buy Stop: 229.00
Entry 2 (Pending Order) Buy Stop: 236.72
Stop Loss: 30 pips
TP1: 262
TP2: 280
Note 1:- Once TP1 is reached then move Stop Loss of second trade to TP1 price to safeguard the profits.
Note 2: Before TP2 is reached, and if uptrend is still going on remove TP2, and then use Trailing Stop of 20 PIPS.
There is a big RSI divergence indicating a Bearish reversal which is playing right now.
Fib retracement to 0.618 level (PKR 236.72) is expected to be tested. One can take Entry at that point.
However, it can even slip to Fib 0.786 level (PKR 229.39).
Finally, in case The Reversal is fully played by the Divergence, then price must break below PKR 220. If that happens then price will slip down to PKR 200 or below as well.
On the other hand, if one looks at the Volume indicator then LOW volume is consistently seen, which implies that it is time to BUY.
PSX index is on a Bull run as well, which also means that full reversal is not likely to happen. It is just Institutional Buyers are taking profit at the moment.
My Trade values:-
LONG Trade Call (Split Buying in 2 trades)
Entry 1 (Pending Order) Buy Stop: 229.00
Entry 2 (Pending Order) Buy Stop: 236.72
Stop Loss: 30 pips
TP1: 262
TP2: 280
Note 1:- Once TP1 is reached then move Stop Loss of second trade to TP1 price to safeguard the profits.
Note 2: Before TP2 is reached, and if uptrend is still going on remove TP2, and then use Trailing Stop of 20 PIPS.
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.