MUGHAL | Breakout Above PKR100 Could Unlock the Next Bullish LegMughal Iron & Steel Industries LtdPSX_DLY:MUGHALasimafridiAfter several months of rebuilding its structure, MUGHAL is once again approaching a key resistance zone that has rejected price multiple times in the past. What caught my attention isn't just the rally—it's the improvement in market structure. The stock has transitioned from making lower lows to forming higher lows and higher highs, suggesting that buyers are gradually regaining control. The highlighted ABCD measured move projects a potential upside objective around PKR 130, but that projection only comes into play if price can successfully clear the major resistance ahead. Technical Overview Price is trading above the 200-day moving average, indicating improving long-term sentiment. The recent advance has created a series of higher lows, keeping the bullish structure intact. RSI is strengthening and approaching bullish territory, reflecting positive momentum. The ABCD harmonic projection points toward the PKR 130 region as a potential measured move. 🎯 Key Levels to Watch 🟨 Resistance Zone PKR 95 – 100 This remains the most important area on the chart. It aligns with: Previous swing resistance Psychological Rs100 level R1 and R2 Pivot Resistance A decisive close above this zone, supported by stronger volume, would significantly improve the bullish outlook. 🟢 Support Levels Pivot: PKR 83.87 As long as price holds above the pivot area, buyers remain in control. Additional supports: S1: PKR 77.75 S2: PKR 67.89 📈 Trading Plan ✅ Bullish Scenario If MUGHAL closes above the 95–100 resistance zone with convincing volume, it would confirm a breakout and could pave the way for the next leg higher. In that case, the ABCD projection around PKR 130 becomes a realistic medium-term objective. ⏳ Neutral Scenario If buyers fail to break resistance immediately, the stock may continue consolidating between the pivot area and resistance. A period of sideways movement after a strong rally would be healthy before another attempt. ⚠️ Bearish Scenario A sustained move below the pivot level would weaken the current bullish structure and could increase the probability of a retest of the lower support zones. 💭 My View The chart is becoming increasingly constructive, but I believe the 100 area is the real decision point. Rather than chasing the current move, I would prefer to see a confirmed breakout with participation before assuming the measured move will play out. For now, the trend favors the bulls—but confirmation remains the key. ⚠️ Disclaimer This analysis is shared for educational purposes only and reflects my personal interpretation of the chart. It is not financial or investment advice. Always conduct your own research and use proper risk management before making any trading decisions. #MUGHAL #PSX #PakistanStockExchange #TechnicalAnalysis #PriceAction #ChartPattern #ABCDPattern #SwingTrading #Breakout #StockMarket #Investing #TradingView #SupportResistance #MarketStructure #RiskManagement