MTL - PSX - Weekly Technical AnalysisMillat Tractor Limited - is in down trend in parallel channel making LHs and LLs. It has made double bottom which indicates potential reversal to upwards. Volumes are very low as well which suggests that only a few people are selling. Anchored Volume Profile tool has been applied to find out POC to be 573.26 (Blackline). Therefore, price action may retest this value. Price has to break out of this weekly parallel channel. In case momentum is built then price may even push further upwards and may be right time to enter in bull run will be around 600 with TPs 670, 750 and 900. All those already invested in it may exit at 560~565 as price may drop after testing this resistance zone. They may Buy again at 600 in the bull run.
HOWEVR, on flip side of it, If price drops below 500 then it will be a free fall till 365~350 zone where a major support exists. Therefore, all those already invested must place their Stop Loss Orders (SLO) below 500 to avoid major losses.
