PSX · TEXTILE COMPOSITE · 1 Hour
ZAHID Head & Shoulders forming
Zahidjee Textile Mills Limited · 05 Nov 2026 · 10:30 PKT
▼ Bearish Forming Chart pattern With the trend
Trade plan
- Close
- 56.60
- ▼ 0.18%
- Target
- 38.56
- -31.9%
- Invalidation
- —
- ATR
- 1.20
- 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 1 Hour candles · click to enlarge
The breakdown
ZAHID has completed a head & shoulders on the hourly chart with the head at 70.90 and the neckline at 51.72.
The pattern is confirmed by a hourly close below 51.48. The measured move from the neckline points to 38.56 (-25.5%). A close beyond the head at 70.90 cancels it.
Structure: bearish external, bearish internal (strong high 69.49). Nearest demand OB 52.50 - 53.96, supply OB 80.00 - 85.00.
How to read this signal
- 1 The breakout was confirmed by the 1 hour candle closing below the pattern at 56.60.
- 2 The target, 38.56 (-31.9%), 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.