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Published on 28/10/2020 5:47:00 PM | Source: GEPL Capital Ltd

The technical parameters point towards the possibility of the prices falling - GEPL Capital

Posted in Market Outlook| #GEPLCapital Ltd #Market Outlook

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Observation

* UBL has been moving lower since September 2020 and has been farming a lower low lower high pattern.

* Intoday’s session the stock not only broke below the recent swing low of 305 bul also closed below il.

* The RSI (29.67) plotted on the daily time frame can be seen forming a lower low lower high pattern after forming a bearish hinge near the 50 level, indicating the presence of bearish momentum Inthe prices.

* The support is placed at 360- 851 (61.8% extension level of the fall from 1166-915 and a multiple touch point level)

* The 924 (Daily high) seems to be a resistance on the upside..

 

Inference & Expectations

* UBL has been In a bearish trend for since past few weeks.

* The technical parameters point towards the possibility of the prices falling even more, we believe that the prices can test the low of 860 -851.

* Our bearish view will be negated only if the prices breach and sustain above the 924 level.

 

 

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