Faysal Bank Limited (FABL) Chart Analysis
Pattern Identification
The pattern visible on the FABL chart appears to be an Ascending Triangle pattern rather than a Rising Wedge. Ascending triangles are typically bullish continuation patterns.
Key Features
Ascending Triangle:
The upper trendline is horizontal, indicating a strong resistance level.
The lower trendline is ascending, showing higher lows.
The pattern suggests accumulation and potential breakout above the resistance level.
Fibonacci Retracement Levels:
The chart shows Fibonacci retracement levels which can act as support and resistance.
Resistance and Support Levels:
Major resistance: Around PKR 44.88.
Key support levels: PKR 32.02 (38.2% retracement), PKR 28.04 (50% retracement), PKR 24.07 (61.8% retracement).
Current Price Action
The current price is PKR 40.78, approaching the resistance level of PKR 44.88.
Future Forecasting
Bullish Scenario:
If the price breaks above the resistance level of PKR 44.88 with strong volume, it could indicate a bullish breakout.
The projected price target could be estimated by adding the height of the triangle to the breakout point.
Bearish Scenario:
If the price fails to break above the resistance and starts declining, it could retest the support levels around PKR 32.02, PKR 28.04, and PKR 24.07.
The pattern visible on the FABL chart appears to be an Ascending Triangle pattern rather than a Rising Wedge. Ascending triangles are typically bullish continuation patterns.
Key Features
Ascending Triangle:
The upper trendline is horizontal, indicating a strong resistance level.
The lower trendline is ascending, showing higher lows.
The pattern suggests accumulation and potential breakout above the resistance level.
Fibonacci Retracement Levels:
The chart shows Fibonacci retracement levels which can act as support and resistance.
Resistance and Support Levels:
Major resistance: Around PKR 44.88.
Key support levels: PKR 32.02 (38.2% retracement), PKR 28.04 (50% retracement), PKR 24.07 (61.8% retracement).
Current Price Action
The current price is PKR 40.78, approaching the resistance level of PKR 44.88.
Future Forecasting
Bullish Scenario:
If the price breaks above the resistance level of PKR 44.88 with strong volume, it could indicate a bullish breakout.
The projected price target could be estimated by adding the height of the triangle to the breakout point.
Bearish Scenario:
If the price fails to break above the resistance and starts declining, it could retest the support levels around PKR 32.02, PKR 28.04, and PKR 24.07.
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