HBL Engineering is showing excellent strength after bouncing from its long-term rising support near 650. The stock has been forming a series of lower highs under a descending trendline for several months while buyers have consistently defended the rising support. Now price is attempting to break this entire structure with strong bullish momentum. The latest move towards 806 is particularly important because the stock is crossing a trendline that has rejected multiple rallies in the past. RSI has climbed above 70 and buying volume is improving which suggests that momentum is shifting strongly in favour of buyers.
A sustained breakout above 800–810 followed by a successful retest could open the door for a much bigger rally. The immediate focus will be on maintaining the breakout structure with the marked stop-loss zone around 740–750. Once price establishes itself above the descending trendline, the next major resistance is near 1100–1110 which offers approximately 37% upside from the current level. This is also the previous all-time-high zone where significant liquidity may be sitting. After months of consolidation, HBL is finally showing the kind of strength that could trigger its next major expansion phase.
A sustained breakout above 800–810 followed by a successful retest could open the door for a much bigger rally. The immediate focus will be on maintaining the breakout structure with the marked stop-loss zone around 740–750. Once price establishes itself above the descending trendline, the next major resistance is near 1100–1110 which offers approximately 37% upside from the current level. This is also the previous all-time-high zone where significant liquidity may be sitting. After months of consolidation, HBL is finally showing the kind of strength that could trigger its next major expansion phase.
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