BAFL Stock in Correction Phase After Rally

٤ أكتوبر

The monthly chart for Bank Alfalah Ltd (BAFL) on the Pakistan Stock Exchange shows a strong upward price movement followed by a corrective phase. After a significant rally, increasing by 37.17%, the price has pulled back and is currently testing support around the 61.99 PKR level. Key Fibonacci retracement levels indicate potential support at 55.50 PKR (38.2% retracement), with stronger support at 50.18 PKR and 44.85 PKR if the correction deepens. The price appears to be consolidating, and a bounce from these levels could target the previous high of 85.03 PKR. Volume trends during the rally suggest sustained interest, but the current phase reflects a cautious correction.

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Facing resistance around 72.75

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