As per our preferred wave count LOTCHEM is in wave Y which should take prices further down toward the 13 level and if bearish trend stays strong then even 9.50 is on the cards, however prices need to break below 15.53 level first.
Alternately prices can still be in X wave and will take prices further up towards 25.40 - 27.40 range and if the bullish trend stays strong 31 level is also at hand, however prices will have to break above 20.20 level first.
As the overall momentum of the PSX is bearish and our preferred wave count is bearish, We will activate short sell trade once price close below the red trendline on the daily chart.
Incase prices never close below the red trendline and starts rising, We will enter long position at 20.20 targeting 25.40 range. I will share stop loss for the trade setup once our trade gets actived
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Alternately prices can still be in X wave and will take prices further up towards 25.40 - 27.40 range and if the bullish trend stays strong 31 level is also at hand, however prices will have to break above 20.20 level first.
As the overall momentum of the PSX is bearish and our preferred wave count is bearish, We will activate short sell trade once price close below the red trendline on the daily chart.
Incase prices never close below the red trendline and starts rising, We will enter long position at 20.20 targeting 25.40 range. I will share stop loss for the trade setup once our trade gets actived
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Note
Update:Prices went down the trendline but has bounced back up again, as mentioned earlier we will wait for a daily close below the trendline to activate our short sell trade.
Note
Update:Prices have failed to close below the trendline on the weekly chart
Trade active
Updating this with delay, our trade got active at 20.30Entry price: 20.30
Stop Loss: 17.70
Targets:
T1: 24.30
T2: 25.40 - 27.40 range
Note
Update:Prices might hold 22 - 22.30 area and retrace back. If prices does hold this range and dip down it will give buyers another opportunity to enter the trade once price breaks above 22 - 22.30 range next week.
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.