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PAKISTAN OILFIELDS LTDPAKISTAN OILFIELDS LTDPAKISTAN OILFIELDS LTD

PAKISTAN OILFIELDS LTD

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POL trade ideas

POL PROBABLY IN WAVE 'A' OR '1'This is an update on our POL wave count shared earlier, we have modified the wave count looking at the formations and excluded the possibility of the current wave being a wave C. If the wave count is correct then we are in 5 or Y of wave 1 or A. With reference to my last idea of POL in which we got greedy and took a loss on 50% of our positions and are still holding 50% of the long positions for long term. Since are preferred wave count is still showing some downside which can reach 500-475 range and even further, It is not wise to just let our investment sit there and wait for the upward movement which can take months from now. Therefore we have decided to hedge our current position with a small portion of short sell in POL futures. Will share the short sell trade setup tomorrow morning Let see how this plays, Good Luck! Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
PSX:POLShort
by KayJay
3
POL PROBABLY IN WAVE 'C' OR 'A' This is an update on our POL wave count shared earlier, we have modified the wave count looking at the formations. If the wave count is correct then we are in an ending diagonal which is either complete or in the last leg of completion, we will buy once price breaks above 575. Alternate count is that of 5th wave will get extended downwards, however that probability is low that is why we have removed our short sell trading setup. Although possibility of the downside is still there, the formation of double top chart pattern and our weekly crude oil wave count does support downside long term. There's a correlation between international crude oil prices and Oil & Gas exploration sectors, however currently the markets have not been correlating much but on the long run prices will tend to correlate. Let see how this plays, Good Luck ! Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
PSX:POLLong
by KayJay
2
POL PROBABLY IN WAVE 'C' OF CORRECTIVE PATTERN DOWNPOL is most probably in a corrective wave down which has started after a strong impulse wave up. Currently the market is in wave C of the corrective pattern downwards. As per our prefer count, on the minor level we are currently in the 5 wave of Wave C, which is either complete or will get extended further down. Once the price closes below 549 it will open targets for wave 5 extension levels as per Elliott wave rule. Also in addition it will give confidence in the Double Top pattern and we can use the chart pattern as well to determine the targets. Remember volume is the key indicator here. On the other hand if the wave 5 of Wave C is over, then we are in 1 or A wave of an impulse or corrective wave up. The formation of the wave will help us determine the upside targets if price does break above last swing high. Let see how this plays, Good Luck ! Disclaimer: This is for informational purposes only; anyone taking trades using this idea will be liable for their own profit or loss.
PSX:POL
by KayJay
1
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.
PSX:POLLong
by Hasnat_Yusufzai