MTL will be caped todayMTL will be capped today, as it has given a breakout of its downtrend falling channel.
MTL trade ideas
MTL🚀 Stock Alert: MTL
📈 Investment View: Technically Bullish 📈
🔍 Quick Info:
📈 Entry Range: 550
🎯 Targets : 600 (9.09%)
⚠ Stop Loss: 525
🏅 Risk & Reward Ratio = 1 : 2
⏳ Nature of Trade: Short Term (Scalping)
📉 Risk Level: Medium
☪ Shariah Compliant: YES
💰 Dividend Paying: YES
📰 Technical View: Break out and retest is observed from the trend line as shown in the technical chart. Long position can be considered around 550 for the target of 600. Stop loss can be placed below 525.
📰 Fundamental View: In Q1 FY24, Millat saw strong performance with 7,187 units sold, a 347% increase in profit, and a 48.27% rise in sales compared to last year. Revenues soared by 199%, reaching PKR 22.62 billion. Gross margins improved to 23.43%. With relaxed import regulations, sales are expected to continue growing. Recent data shows a 10% increase in units sold in Q2FY24. Expected EPS for 1HFY24 is PKR 27.5, with a likely dividend of PKR 25 per share. Millat's market dominance and focus on the agri-economy make it an attractive investment, especially if prices dip.
MTL*Head & Shoulders Pattern: A potential head and shoulders pattern is visible, which is a bearish reversal structure
but still no any negative sign RSI moving in range between 30-70
*Safe Buying Zone: Marked around 615-620 , indicating a breakout level where price stability could confirm an upward move.
*Bullish Approach: Buy if price sustains above 615-620 with targets toward 640 and 680
*Bearish Approach: If the price breaks below 474.73 , it could confirm the head and shoulders breakdown, leading to a further drop.
Bullish on Monthly TF.
Bearish ABCD Pattern seems to appear
with Potential Targets around 900+
However, 690 - 790 is an Important Zone
that needs to Cross & Sustain for further Upside.
Immediate Support can be the CMP if 615 is
not Broken.
Important Support Zone seems to be in the
range of 575 - 605.
Should not break 560 at least, otherwise more
selling pressure can be observed.
MTL PSX KSE100Price is in Up-Trend marking HH, and HL respectively through the parallel channel.
No Divergence was seen on (RSI).
Price is Near the support line, previously multiple times the price honor channel's bottom line.
Bears lose control over Volumes and bulls take the charge.
Price anticipating to form AB=CD harmonic pattern.
Keep an eye on it!The price movement is exhibiting a pattern of rejection from a descending trend line. Presently, support is delineated within a range of 550-555, constituting a trial of the ascending trend line, from which a retracement is anticipated. The 50% retracement level is situated at approximately 615, serving as a test of the descending trend line, which functions as a resistance threshold, potentially eliciting further rejection. Should the trend line breach and maintain a position above this level, subsequent resistance is projected at approximately 642 and 676. Conversely, a breach of the support at 550 would likely sustain bearish momentum.
MTL ANALYSIS(INTRADAY/SHORT SWING)MTL appears poised to reach new highs not seen since December. However, there's a formidable resistance at the monthly channel top, indicating a potential reversal. 📈 Despite this, bullish signals from key indicators like RSI above 70, along with a positive ADX and DI+, suggest a favorable outlook for long positions. 🚀 Let's remain optimistic and anticipate positive developments.
Consider selling a portion of your position, around 30-50%, when MTL reaches the range of 670-680. This strategy allows you to secure profits while staying exposed to potential further upside movements. 📉📈
