Elliott Wave Analysis & Forecast, PSX:PAKT, Pakistan Tobacco, Monthly, 11th Feb, 2022
Pakistan Tobacco Company Limited. British American Tobacco.
Pakistan Tobacco Company Limited (PSX:PAKT) is a largest Pakistani tobacco manufacturing company which is a subsidiary British American Tobacco (Investments) Limited, United Kingdom, whereas its ultimate parent company is British American Tobacco PLC. Top most visible brands we look in every Pan shop/corner are Capstan, Gold Flake, Benson and Gold Leaf.
If we look at chart, we have two possibilities, whether green wave [II] has completed on Dec, 2021 by posting low or just finished part of green wave [II] in first part of Zigzag correction gray wave /A, in both scenarios, we will see next impulsive rally towards 2000 or even higher in coming weeks.
As for now we prefer the first scenario, in which green wave [II] has completed in triple zigzag correction blue (wxyxz). If this is the case, the we will see next rally higher in green wave [III] towards 4000 or even higher but this will linked to next resistance near 2000-2100 area. Once this area will clear then, prices will continue to go higher to complete green wave [III].
In our alternative scenario, where we look the correction in green wave [II] is still forming in zig zag format. Gray wave /A has formed by placing medium term low @975 on Dec, 2021. New rally in gray wave /B will be started soon in blue abc wave and we will find the prices near 2000 area where gray wave /B will be completed by placing medium term top and next decline towards 600-700 area will be started to form last leg of green wave [II] in gray wave /C.
Financial Disclosure: The author is independent of any kind of funding, including commercial, private and individual, and has no relevant financial interest except It holds stocks as a part of investment out of Total Stock Portfolio at the time of article was written..