PSX · SUGAR & ALLIED INDUSTRIES · 1 Hour
CHAS Bear Pennant forming
Chashma Sugar Mills Limited · 30 Oct 2026 · 09:30 PKT
▼ Bearish Forming Chart pattern Against the trend
Lines to watch
Awaiting breakout- Close
- 81.00
- ▼ 2.17%
- Upper line
- 82.90
- +2.3%
- Lower line
- 80.97
- 0.0%
- ATR
- 1.88
- 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
CHAS is building a bear pennant after a 18.39 drop (9.8x ATR) on the hourly chart.
The flag channel runs between 80.97 and 82.90. A hourly close below 80.59 signals continuation towards 62.58; a close above 82.90 fails the pattern.
Structure: bullish external, bullish internal (strong low 56.01). Nearest demand OB 68.51 - 70.97, supply OB 119.48 - 120.98.
How to read this signal
- 1 Not triggered yet: the pattern is still forming on the 1 hour chart.
- 2 A 1 hour close above 82.90 (+2.3%) would be an upside breakout.
- 3 A 1 hour close below 80.97 (0.0%) would be a downside breakout.
- 4 Until one of the lines breaks, there is no target or invalidation level.
Pattern guide
About the bear pennant
A bear pennant is a sharp fall followed by a small symmetrical triangle; a break below it usually continues the fall.
- Confirmation
- A close below the pennant.
- Target
- The length of the pole, projected down from the breakout.
- Fails if
- A close above the pennant.