PSX · TEXTILE COMPOSITE · 30 Min
MEHT Head & Shoulders forming
Mehmood Textile Mills Limited · 04 Nov 2026 · 10:00 PKT
▼ Bearish Forming Chart pattern Against the trend
Trade plan
- Close
- 122.00
- ▼ 0.81%
- Target
- 106.55
- -12.7%
- Invalidation
- —
- ATR
- 1.74
- 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
MEHT has completed a head & shoulders on the 30-minute chart with the head at 133.98 and the neckline at 120.19.
The pattern is confirmed by a 30-minute close below 119.84. The measured move from the neckline points to 106.55 (-11.3%). A close beyond the head at 133.98 cancels it.
Structure: bullish external, bearish internal (strong low 120.50). Nearest supply OB 128.01 - 129.99.
How to read this signal
- 1 The breakout was confirmed by the 30 min candle closing below the pattern at 122.00.
- 2 The target, 106.55 (-12.7%), is the pattern's height projected from the breakout.
- 3 Trend context: against 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.