HIN00NThe chart indicates a bullish sentiment, but confirmation is needed with a breakout above 945.
If the price holds above this level, it could move toward the 985 PKR target.
HINOON trade ideas
HINOON: Flag and Pole pattern on 1D TF. Potential rally likelyHINOON is in uptrend printing HHs and HLs on 1D timeframe. Recently the chart has formed a Flag and Pole pattern. It is likely that break of previous LH (941.62) shall result in another rally that may take the price upto level of 1207.30. SL is placed below lowest point of the flag (831.72).
It is pertinent to mention that previous all time high of 1,000.00 may act as a major resistance and we may need to be careful for any reversal indications at this point. However, at this point there is no apparent indication of reversal from current price level.
TPs may be broken as per following:
TP1=1051.52
TP2=1161.42
TP3=1207.30
HINOON - PSX - Buy IdeaHighnoon Laboratories Ltd is forming a classic cup and handle pattern, suggesting a potential bullish continuation if it breaks above 854.78 PKR. A slight pullback may occur with an RSI in overbought territory, but a breakout could target 1,013.82 PKR.
Uptrend in HINOONThe daily chart for HINOON is in an uptrend. The chart follows the DOW Theory forming HHs and HLs. With no divergence visible, the current trend id expected to continue forming new HHs and LLs. THis can be a good point to take on position.
Bearish Divergence in HIGHNOONA bearish divergence is observed in Highnoon Laboratories share in the daily timeframe. This could be a potentially good opportunity to take short positions.
