NSE UBL is Declining, But Major Support Is Ahead

forextidings Updated   
Timeframe: weekly
UBL created an all-time high at 1785 and started declining to overcome the demand pressure.
Bulls pushed prices extremely high, and bear found that convenient to sell.

The stock has respected equilibrium in the parallel channel.
At this glance, the price is at the lower band of the parallel channel.
If the price breaks the parallel channel, it has to break the pivot level 1452. Or the price will give a fake-out and enter into the channel.

The level of 1452 was a monthly resistance level, which became the support level for the current price. We can strong move below this level, and rejection will lead us to the end of correction.

Timeframe: Daily
After creating the extreme low of 749.50, UBL has started forming an ascending channel.
In this channel, we can see five excess at the upper band of the Parallel lines.
1. Excess - 1008
2. Excess - 1047
3. Excess - 1166
4. Excess - 1329
5. Excess - 1185
We also have two excess on the lower band of the parallel channel.
1. Excess - 912
2. Excess - 1051

It indicates that supply pressure has always tried to push the price up.
At high prices, bulls realized that They couldn't push anymore.

Seller started controlling demand pressure by supply.
Bull responded to selling pressure with a responsive move.
Less excess on the lower band means that buyers haven't missed responding.

No trading zone:
No trading zone is an extent wherein speculators or investors are avoid trading.
At the upper band, the length of the no trading zones is similar.
Zone 1: 80 bars, 117 days
zone 2: 82 bars,124 days

[Control Line:
The Control line has provided nine touches to the price.
Price has tried to break the control line more the three times, but it couldn't break the control line, and the price fell to the lower band of the parallel channel.

Stand Point:
We are using a pivot zone at 1452 to avoid fake-outs. If the price breaks the pivot level, it can go for 1390-1311. hence, the price is bullish only above the pivot level.

I will upload further information before tomorrow's market bell.
Trade closed: target reached:
First TP Done: 1390
Final TP Done: 1311
Trade closed: target reached


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