WTL Stock Ready for a Bounce? Levels to Watch in Mar & AprMarket Outlook :
The stock has been in a downtrend, trading within a descending channel. It has been forming lower highs and lower lows, indicating bearish momentum. Currently, the price is near the lower boundary of the channel, which might act as a support level.
Trading Strategy
1.28 - 1.30 PKR (First Buy Zone/temporary support)
1.20 - 1.22 PKR (Strong preferable buy zone)
WTL trade ideas
PSX: WTL Taking Off to New HorizonsAt the turn of 2023 the script showed some hyper move. Since than it has been in consolidation. Start of the May also showed the attempt to break away but it was restricted by the 200 SMA on weekly chart.
The security has traced back to Fib. level of 0.618, which is a healthy level, and shown some reversal signs on Hourly charts. Therefore we may initiate a long position at Current Market Price (CMP). Stop loss should be placed under 1.25.
Wishing you a profitable trading.
PSX: WTL CAN HISTORY (2021) REPEAT ITSELF.WTL is a technology company at Pakistan Stock Exchange.
Over the period of one year the company has printed the soucer bottom. From Oct. 23 to date the script has been posting HH and HL.. This brings the conclusion that that accumulation phase is about to be over. Closing above 1.90 shall commence the breakout phase.
This trade may span over weeks. Support level has been drawn using the hourly charts. From Stop Loss to weekly high is buying zone.
Use utmost vigilance while entering the position as overhead cost of such small cap is high.
WTL - BULLISHEngaging in trading activities by relying on the analysis of patterns involves the systematic examination of historical price movements and formations in financial markets. Traders who employ this approach typically scrutinize charts and identify recurring patterns, such as triangles, head and shoulders, or candlestick formations, to make informed decisions about when to enter or exit trades. The methodology behind pattern analysis is rooted in the belief that historical price movements often repeat themselves, providing traders with valuable insights into potential future market behavior. By recognizing and interpreting these patterns, traders aim to predict market trends and capitalize on potential opportunities, enhancing their chances of making successful trades. However, it's important to note that pattern analysis is just one of many tools in a trader's toolkit, and its effectiveness is subject to various factors and market conditions.