Meezan Bank Limited (PSX)Meezan Bank Limited.PSX_DLY:MEBLABD_47Current Situation Price: 454.47 PKR (down 28.76 or 6.76%) Trend: Trading within an ascending channel that has been in place since May Key Technical Observations Support & Resistance: The stock is currently testing the lower boundary of the ascending channel around 440-450 PKR Major support level at 350.66 PKR (marked horizontal line) - this was the breakout point Upper channel resistance is around 520-530 PKR Recent Price Action: After reaching near 500 PKR in October, the stock has pulled back significantly Currently consolidating in the 440-470 range Today's 6.76% drop is notable but volume appears moderate Volume Analysis: Recent volume is lower compared to the strong accumulation seen in May-June and August This could indicate a healthy consolidation rather than distribution Trading Scenarios Bullish Case: If the stock holds the lower channel support (440-450), this could be a buying opportunity Target would be a retest of 500 PKR and potentially the upper channel line Risk/reward appears favorable at current levels Bearish Case: A break below the ascending channel (sub-440) would be concerning Next major support would be around 400 PKR A breakdown could lead to a test of the 350-360 PKR support zone Conclusion The stock remains in a broader uptrend but is currently at a critical juncture. Watch for how it responds to the channel support - a bounce would confirm bullish continuation, while a breakdown would suggest further downside.