Service Global Footwear (PSX) - Technical AnalysisCurrent Price: PKR 98.00 (+3.27%)
Trend Structure
The stock is trading within a well-defined ascending channel that has been in place since early 2023. Price is currently testing the upper boundary of this channel around PKR 98-99, showing strong bullish momentum from the PKR 71 support zone.
Key Levels
Resistance: Upper channel line (~PKR 100-105), previous highs around PKR 120
Support: Mid-channel around PKR 83, lower support at PKR 71, critical zone at PKR 59
Volume Analysis
Volume shows declining intensity compared to the spike seen in late 2024/early 2025. The recent rally to current levels is occurring on moderate volume, which suggests:
Lack of strong institutional accumulation at these levels
Potential exhaustion as price approaches channel resistance
Earlier volume spikes coincided with CHoCH (Change of Character) points marked on the chart
Pattern Observations
Multiple "CHoCH" and "BOS" (Break of Structure) annotations suggest the analyst is tracking smart money concepts. The price has successfully held the lower channel support multiple times, confirming the uptrend's validity.
Outlook
Cautiously Bullish PSX:SGF - While the uptrend remains intact, the stock is at a critical juncture near channel resistance with weakening volume. A breakout above PKR 100 on strong volume would be bullish, but rejection here could lead to a pullback toward PKR 83-71 support zones.
