DWAE BULLISH MARUBOZU WITH STRONG BREAKOUT TG: 48 -57, 75 - 84📈 DWAE (Dewan Automotive Engineering Ltd) - TECHNICAL VIEW
Dewan Automotive Engineering Ltd (PSX: DWAE) has delivered a decisive breakout from a long-standing falling wedge pattern, accompanied by a powerful bullish marubozu candle on the weekly chart. The stock surged by +34.01%, closing at PKR 34.44, signaling the potential start of a new uptrend after an extended consolidation phase.
The falling wedge, a classic bullish reversal formation, had been compressing price action for several months. The current breakout, confirmed by increased volume and a strong weekly close above the wedge resistance, marks a shift in momentum from distribution to accumulation.
From a technical standpoint, the immediate initial target lies in the PKR 48–57 range—roughly the 50% retracement zone of the previous decline. A sustained move above this range would open the door toward the broader breakout objective of PKR 75–84, offering significant upside potential.
To maintain this bullish outlook, DWAE must hold above the breakout zone near PKR 28–30, which now acts as strong structural support. Any consolidation above this level would be viewed as a healthy retest and continuation setup.
In summary, DWAE has initiated a high-probability breakout from a classic wedge pattern, supported by a bullish candlestick structure and rising volume. As long as it holds above key support, the stock is well-positioned to advance toward PKR 48–57, with an extended target of PKR 75–84 in the coming weeks.
