PSX · TEXTILE COMPOSITE · 30 Min
REDCO Head & Shoulders forming
Redco Textiles Limited · 30 Oct 2026 · 11:30 PKT
▼ Bearish Forming Chart pattern With the trend
Trade plan
- Close
- 26.00
- ▲ 0.00%
- Target
- 21.67
- -16.7%
- Invalidation
- —
- ATR
- 0.64
- Target
- Invalidation
- Pattern lines
- Fair value gap (bull / bear)
- Order block
- Strong / weak high and low
- BOS · CHoCHstructure breaks
SMC Structure · Order Blocks · FVG · Pattern Detector 30 Min candles · click to enlarge
The breakdown
REDCO has completed a head & shoulders on the 30-minute chart with the head at 29.95 and the neckline at 26.11.
The pattern is confirmed by a 30-minute close below 25.98. The measured move from the neckline points to 21.67 (-17.0%). A close beyond the head at 29.95 cancels it.
Structure: bearish external, bullish internal (strong high 40.40). Nearest demand OB 21.01 - 21.02, supply OB 35.95 - 36.94.
How to read this signal
- 1 The breakout was confirmed by the 30 min candle closing below the pattern at 26.00.
- 2 The target, 21.67 (-16.7%), is the pattern's height projected from the breakout.
- 3 Trend context: with the trend.
Pattern guide
About the head and shoulders
A head and shoulders is a topping pattern: three peaks with the middle one highest, resting on a "neckline" whose break often ends an uptrend.
- Confirmation
- A close below the neckline.
- Target
- The height from the head to the neckline, projected down from the break.
- Fails if
- A close back above the right shoulder or the neckline.