Bias: Bullish
IMAGE Pakistan is currently trading inside a consolidation box while holding above a rising long-term trendline, indicating accumulation rather than distribution. Price has successfully absorbed selling pressure after a prolonged downtrend and is now compressing near resistance, suggesting breakout potential.
Key Technical Observations:
Price is respecting the ascending trendline, keeping the higher-low structure intact.
The previous descending trendline has been broken, shifting momentum in favor of buyers.
Consolidation near Rs. 27 reflects supply absorption.
RSI is hovering around the neutral zone (~50), showing balance with upside room.
Seasonal demand (Ramzan / summer textile sales) supports a fundamental tailwind.
Trade Plan:
Buy Zone: Around 25.56 (trendline + range support)
Stop Loss: 23.71 (below trendline & structure low)
Target 1: 30.45 (range breakout objective)
Target 2: 37.00 (previous major supply zone)
Invalidation:
A daily close below 23.71 would weaken the bullish structure and negate the setup.
Conclusion:
This is a trend-continuation and breakout-anticipation setup, favoring long positions while price holds above the trendline. A sustained move above Rs. 27 should accelerate momentum toward higher targets.
IMAGE Pakistan is currently trading inside a consolidation box while holding above a rising long-term trendline, indicating accumulation rather than distribution. Price has successfully absorbed selling pressure after a prolonged downtrend and is now compressing near resistance, suggesting breakout potential.
Key Technical Observations:
Price is respecting the ascending trendline, keeping the higher-low structure intact.
The previous descending trendline has been broken, shifting momentum in favor of buyers.
Consolidation near Rs. 27 reflects supply absorption.
RSI is hovering around the neutral zone (~50), showing balance with upside room.
Seasonal demand (Ramzan / summer textile sales) supports a fundamental tailwind.
Trade Plan:
Buy Zone: Around 25.56 (trendline + range support)
Stop Loss: 23.71 (below trendline & structure low)
Target 1: 30.45 (range breakout objective)
Target 2: 37.00 (previous major supply zone)
Invalidation:
A daily close below 23.71 would weaken the bullish structure and negate the setup.
Conclusion:
This is a trend-continuation and breakout-anticipation setup, favoring long positions while price holds above the trendline. A sustained move above Rs. 27 should accelerate momentum toward higher targets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.