Sui Northern Gas Pipelines Limited (SNGP), In monthly time frame, after 1979 days this stock starts to change their market structure.
It was in downtrend then sideways. But in 2023, it broke the monthly trendline and started to make higher high and higher low (this is what is called ‘market structure’).
To remain in bullish territory, it has to sustain above this weekly strong support that is near 57 area.
Sell half and hold half would be good approach in between 80 to 85 area.
In addition, its 3rd quarter result yet to come(will be announced on the PSX board meetings page).
Daily time frame always shows the clear picture. It is stuck right now, but once result date conformed. It can easily cross the 70 level.
You could accumulate in this range. Once it breaks the 70 area. Fast fluctuation would be witnessed.
Remember, closing below 60 would change the trend direction.
Have a Happy Trading journey.
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