TELEC - PSX - Technical AnalysisOn Daily TF, since 16 Aug 2024 this SCRIPT is in Bear Run making Lower Highs (LH) and Lower Lows (LL). To get out of this Bear Run, price must cross previous LH i.e. 7.70; additionally, it must break the parallel channel upper resistance line.
Bollinger Band also suggests that price is already close to its upper-band, which is likely to drop down to its central line soon.
Therefore, there are two options to trade here:-
Option 1: Considering it will continue its Bear Run, technically correct Buy entry should be around 6.97 ~6.68 and Selling at 8.28 will fetch very good profits.
Option 2: Otherwise, considering that it will break the resistance and will go up in Bull Run, then buying at 7.75 and selling at 8.28 will fetch the positive results.
