Morning Star at HH on Weekly TF.
Still Bullish on All Time Frames.
However, Bearish Divergence is there
on Daily TF.
Monthly Closing above 598.50 would
be a Positive Sign.
If someone is in the trade, 574 should be
the Stoploss.
POL trade ideas
Pol short tradePol abhi lain
620 confirm take profit
623 next level but b carefull
I am buying on current 617 Nd exit on 620
POL - Preparing for DownfallPOL is currently in uptrend and forming rising wedge pattern. It is also showing a bearish divergence. It may fall after breaking lower trend line and possible short opportunity after breaking previous higher low. Stoploss would be recent high.
Pakistan Oilfields Limited (POL) Chart AnalysisPattern Identification
The pattern visible on the POL chart is indeed a Symmetrical Triangle pattern. Symmetrical triangles are neutral patterns that can break out in either direction.
Key Features
Symmetrical Triangle:
The upper trendline is descending, and the lower trendline is ascending, forming a symmetrical triangle.
Breakout above or below the trendlines indicates the future direction.
Fibonacci Retracement Levels:
The chart shows Fibonacci retracement levels which help in identifying potential targets post-breakout.
Resistance and Support Levels:
Resistance: Around PKR 500.00 and PKR 602.42.
Key support levels: PKR 432.85 (38.2% retracement), PKR 380.46 (50% retracement), PKR 328.08 (61.8% retracement).
Current Price Action
The current price is PKR 500.00, at a significant resistance level.
Future Forecasting
Bullish Scenario:
If the price breaks above the resistance level of PKR 500.00 with strong volume, the next target could be around PKR 602.42.
Sustained move above this level could indicate strong bullish momentum.
Bearish Scenario:
If the price fails to break above the resistance and starts declining, it could retest the lower trendline of the symmetrical triangle.
Breakdown below this trendline would indicate a bearish scenario, with potential targets around PKR 432.85, PKR 380.46, and PKR 328.08.
POLPlan1
Buy Above 434
TP1 around 446
TP2 around 453
Stoploss 426 (Closing basis)
Plan2
Buy Above 465
TP1 around 500
TP2 around 542
Stoploss 432 (Closing basis)
POL - RSI reached its highest value in the last 14 sessionsPOL - RSI reached its highest value in the last 14 sessions - Bullish
The Price heading towards its recent high @ 456
