Pakistan Oilfields Limited (POL) Chart Analysis
Pattern Identification
The pattern visible on the POL chart is indeed a Symmetrical Triangle pattern. Symmetrical triangles are neutral patterns that can break out in either direction.
Key Features
Symmetrical Triangle:
The upper trendline is descending, and the lower trendline is ascending, forming a symmetrical triangle.
Breakout above or below the trendlines indicates the future direction.
Fibonacci Retracement Levels:
The chart shows Fibonacci retracement levels which help in identifying potential targets post-breakout.
Resistance and Support Levels:
Resistance: Around PKR 500.00 and PKR 602.42.
Key support levels: PKR 432.85 (38.2% retracement), PKR 380.46 (50% retracement), PKR 328.08 (61.8% retracement).
Current Price Action
The current price is PKR 500.00, at a significant resistance level.
Future Forecasting
Bullish Scenario:
If the price breaks above the resistance level of PKR 500.00 with strong volume, the next target could be around PKR 602.42.
Sustained move above this level could indicate strong bullish momentum.
Bearish Scenario:
If the price fails to break above the resistance and starts declining, it could retest the lower trendline of the symmetrical triangle.
Breakdown below this trendline would indicate a bearish scenario, with potential targets around PKR 432.85, PKR 380.46, and PKR 328.08.
The pattern visible on the POL chart is indeed a Symmetrical Triangle pattern. Symmetrical triangles are neutral patterns that can break out in either direction.
Key Features
Symmetrical Triangle:
The upper trendline is descending, and the lower trendline is ascending, forming a symmetrical triangle.
Breakout above or below the trendlines indicates the future direction.
Fibonacci Retracement Levels:
The chart shows Fibonacci retracement levels which help in identifying potential targets post-breakout.
Resistance and Support Levels:
Resistance: Around PKR 500.00 and PKR 602.42.
Key support levels: PKR 432.85 (38.2% retracement), PKR 380.46 (50% retracement), PKR 328.08 (61.8% retracement).
Current Price Action
The current price is PKR 500.00, at a significant resistance level.
Future Forecasting
Bullish Scenario:
If the price breaks above the resistance level of PKR 500.00 with strong volume, the next target could be around PKR 602.42.
Sustained move above this level could indicate strong bullish momentum.
Bearish Scenario:
If the price fails to break above the resistance and starts declining, it could retest the lower trendline of the symmetrical triangle.
Breakdown below this trendline would indicate a bearish scenario, with potential targets around PKR 432.85, PKR 380.46, and PKR 328.08.
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