TRG PAKISTAN
The Bigger Picture: First, TRG is still trading within a bearish parallel channel, as indicated by the solid black line. It recently experienced a downturn from the 99/100 area, which serves as both a psychological level and the upper boundary of the parallel channel. A potential healthy breakout is anticipated above the channel, ranging from 99 to 102, accompanied by robust volume.
On a shorter timeframe, TRG initiated a rally from 67, achieving a significant upward swing up to 99 within a bullish parallel channel (dotted lines). It is advisable to exercise patience and wait for a retest of the support zone, specifically within the range of 84 to 87, confirmed by a bullish candle.
Our bullish stance on the script remains intact as long as it continues to trade above 84.
For those holding current positions, dynamic support (EMA) can be employed as a trailing stop loss.
The Bigger Picture: First, TRG is still trading within a bearish parallel channel, as indicated by the solid black line. It recently experienced a downturn from the 99/100 area, which serves as both a psychological level and the upper boundary of the parallel channel. A potential healthy breakout is anticipated above the channel, ranging from 99 to 102, accompanied by robust volume.
On a shorter timeframe, TRG initiated a rally from 67, achieving a significant upward swing up to 99 within a bullish parallel channel (dotted lines). It is advisable to exercise patience and wait for a retest of the support zone, specifically within the range of 84 to 87, confirmed by a bullish candle.
Our bullish stance on the script remains intact as long as it continues to trade above 84.
For those holding current positions, dynamic support (EMA) can be employed as a trailing stop loss.