PSX · EXCHANGE TRADED FUNDS · 1 Hour
MIIETF Head & Shoulders forming
Mahaana Islamic Index ETF · 02 Nov 2026 · 09:30 PKT
▼ Bearish Forming Chart pattern Against the trend
Trade plan
- Close
- 15.65
- ▼ 0.64%
- Target
- 13.80
- -11.8%
- Invalidation
- —
- ATR
- 0.18
- 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
MIIETF has completed a head & shoulders on the hourly chart with the head at 16.69 and the neckline at 15.02.
The pattern is confirmed by a hourly close below 14.98. The measured move from the neckline points to 13.80 (-8.1%). A close beyond the head at 16.69 cancels it.
Structure: bullish external, bearish internal (strong low 14.40). Nearest supply OB 19.02 - 19.33.
How to read this signal
- 1 The breakout was confirmed by the 1 hour candle closing below the pattern at 15.65.
- 2 The target, 13.80 (-11.8%), 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.