Karachi, July 16, 2018 (PPI-OT): UBL Bank Limited – UBL PA: Bulls Likely to Dominate
UBL faced a prolonged period of selling ever since breaking below 178 level last month resulting in oversold levels. A sharp pull back witnessed on last Friday printed a Hammer candlestick pattern on weekly chart. This particular candlestick pattern, when found at the lower end of a price swing usually precedes a reversal in the trend. In that case, we can witness a follow-through in the buying pressure taking the price action towards the first tier descending resistance at 170. Sustained break above this area would unlock further upside to the levels of 179 and 182 next.