Sazgar Engineering Works Limited 1D PSX Chart - Cup & Handle

The Sazgar Engineering Works Limited (SAZEW) 1-day chart on the Pakistan Stock Exchange (PSX) shows a Cup & Handle pattern, which is a bullish continuation pattern. Here's a detailed description:

Pattern Description
- Cup: The pattern starts with a rounded bottom, resembling a "U" shape, indicating a period of consolidation after a prior uptrend.
- Handle: Following the cup, there's a slight downward drift or consolidation, forming the handle. This handle should not break below the support level of the cup's low.

Key Levels
- Stop Loss: Set at 1000 to minimize potential losses if the pattern fails.
- Buy Over: Enter the trade if the price moves above 1100.
- Take Profit (TP) Levels:
- TP1: 1225
-TP2: 1330

Trading Strategy
1. Entry: Buy when the price breaks above the handle's peak (around 1100).
2. Stop Loss: Place a stop loss at 1000 to protect against potential downside.
3. Take Profit: Set two take profit levels at 1225 and 1330 to capture potential gains.

Pattern Validation
- Volume: Look for an increase in trading volume during the breakout above 1100, confirming the pattern.
- Confirmation: The pattern is confirmed if the price continues to rise after the breakout, ideally reaching TP1 and TP2.