AVN PSX KSE100AVN tested bottom now forming flat top Ascending Wedge pattern which is bearish reversal immediate TP around (Rs:70)
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AVN trade ideas
#AVN #PSX #KSE100 #AVN AVENCEON Expected Swing. The Price is Approaching its expected bottom before it shows a major move.
AVN:PSX is likely for a Bullish Reversal on 1D timeframeAVN:PXS is presently in downtrend, printing LHs and LLs however on 31 Aug 23, it failed to establish a new LL are started consolidation. Bullish divergence on RSI is also observed on 1D as well as 1W timeframes establishing a confluence on a likely bullish reversal upon breaking above the previous H as marked on chart. Suitably, SL and TP have been marked on chart for a long position on AVN.
AVN PSX Symbol: AVN
Stance: Bullish
TP: 60
Disclaimer: please do not take as Buy/Sell Call its for just for practice purpose
AVN head and Shoulder pattern going shortAVN formed a head and shoulder pattern. I was working on this trade since August 16th and once the neckline formed I entered into a short trade with sell stop order on August 25, 2023. Although bearish divergence was not present, I still executed the trade knowing the pressure in the market which was evident in KSE 100 index and other tech leading scrips such as SYSTEM and TRG were forming divergence. Hence I took the weakness of the sector into consideration and neglected the divergence rule for the Head and shoulder pattern. Already TP1 hit and now waiting for TP2. Also I am anticipating PRZ where once bullish divergence is formed, I will go long after confirmation of a reversal via dow theory.
