Meezan Bank Limited Technical analysisMeezan Bank Limited.PSX_DLY:MEBLABD_47Trend Structure: The stock was in a strong uptrend within a well-defined ascending channel from March through October, reaching a peak around 500 PKR. However, it has since broken down from this channel. Current Situation: Price is currently at 426.41 PKR, down 0.46% Trading below both channel support lines The breakdown suggests potential trend reversal or deeper correction Key Levels: Strong support zone around 350-360 PKR (2.618 Fibonacci extension marked) Previous resistance-turned-support around 400-420 PKR being tested Upper channel resistance now around 440-460 PKR Volume: Volume has been declining recently, showing weakening momentum after the breakdown. Outlook: The chart shows bearish bias after the channel breakdown. If 420 PKR support fails, the stock could retest the 350-360 PKR zone. A recovery back above 440 PKR would be needed to regain bullish momentum. The overall structure suggests the uptrend may be exhausted, at least temporarily. Risk: The breakdown from a long-term ascending channel is typically a significant bearish signal.