MARI is the market leader of PSX. Historically, on time cycles it has shown consolidation period of 43 days before going into a bull run spanning around 32 days. Price after making the falling wedge has broken the structure upwards and now has even crossed the recent Lower High 627.40 as well - which signals a trend reversal towards bull run.
Very good volumes are also experienced which are also confirmed by KVO which is a volume-based oscillator (blue line is almost at 60 degree angle going up). RSI is at 70 without any sign of reversal. Therefore, it would be a fair bet that we might see another cycle of bull run which should cross the previous all-time high (900.23) calculated on the basis of AB=CD or Fib based Extension tool.
A minor retrace at key levels is expected where one should book profit.
Trade Values
Buy-1: 649
Buy-2: 630 (if price dips)
TP-1: 740
TP-2: 840
TP-3: 900
TP-4: 1030
SL: 535
Very good volumes are also experienced which are also confirmed by KVO which is a volume-based oscillator (blue line is almost at 60 degree angle going up). RSI is at 70 without any sign of reversal. Therefore, it would be a fair bet that we might see another cycle of bull run which should cross the previous all-time high (900.23) calculated on the basis of AB=CD or Fib based Extension tool.
A minor retrace at key levels is expected where one should book profit.
Trade Values
Buy-1: 649
Buy-2: 630 (if price dips)
TP-1: 740
TP-2: 840
TP-3: 900
TP-4: 1030
SL: 535
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.