UNITY indicates the formation of an inverse head and shoulders pattern, a bullish reversal setup. The neckline resistance is drawn around the PKR 27.5–28 level, which also aligns closely with the 200-day EMA at PKR 28.23, adding to its significance. Volume has notably increased during the formation of the right shoulder, suggesting growing bullish interest. A long position should only be considered after a decisive breakout above the neckline resistance, ideally on strong volume, confirming the pattern. If the breakout occurs, the projected upside target could extend toward the PKR 34–35 range, which is a previous major resistance zone. Until then, the setup remains neutral and unconfirmed.
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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.