BIPL has been trading in a channel since March 2024, with a range of PKR 20 to PKR 26.1. Recently, the stock made a sharp downward move in the form of a spring, quickly returning within the range, indicating a potential reversal or upward action.
The stock has formed a reversal pattern in the shape of an inverted head and shoulders pattern, with adequate volume distribution and price action in a spike fashion, suggesting an upward move is likely.
However, buying at the current level of PKR 23.15 is not recommended. Instead, we suggest waiting for a pullback to the demand zone that caused the upward move, which lies between PKR 22.3 and PKR 21.4.
🚨 TECHNICAL BUY CALL – BIPL🚨
- Buy 1: PKR 22.3
- Buy 2: PKR 21.4
TP1: PKR 24.7
TP2: PKR 26
stop Loss: Below PKR 20 (DAILY closing)
Risk-Reward Ratio: 1:3.37
The stock has formed a reversal pattern in the shape of an inverted head and shoulders pattern, with adequate volume distribution and price action in a spike fashion, suggesting an upward move is likely.
However, buying at the current level of PKR 23.15 is not recommended. Instead, we suggest waiting for a pullback to the demand zone that caused the upward move, which lies between PKR 22.3 and PKR 21.4.
🚨 TECHNICAL BUY CALL – BIPL🚨
- Buy 1: PKR 22.3
- Buy 2: PKR 21.4
TP1: PKR 24.7
TP2: PKR 26
stop Loss: Below PKR 20 (DAILY closing)
Risk-Reward Ratio: 1:3.37
Dagangan ditutup: sasaran tercapai
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.