MCB Bank Limited (MCB): Result Review: MCB 1QCY25 EPS Rs11.7, DPS Rs9 - By Sherman Research

Apr 23 2025


Sherman Securities


  • MCB Bank Limited (MCB) announced 1QCY25 results today wherein the bank posted an unconsolidated net earnings of Rs13.8bn (EPS Rs11.7) down 17%YoY. The decrease in earnings is primarily attributed to a decline in interest income.
  • The bank announced a cash dividend of Rs9 per share in 1QCY25.
  • MCB’s interest earned clocked in at Rs69.8bn (down 22%YoY), while interest expense for the period stood at Rs34.7bn (down 32%YoY). As a result, NII declined to Rs35.2bn, (down 8%YoY).
MCB Bank Limited (MCB): 1QCY25 Earnings Call Key Takeaways - By Taurus Research

Apr 30 2025


Taurus Securities


  • MCB is currently operating with 1,395 domestic and 8 foreign branches with over 9.1Mn customers. Wherein, the Bank’s deposits market share stands at 6.04%, advances market share stands at 5.72%, and remittances market share stands at 11.5%, respectively. The management informed of growing competition in the home remittance business affecting fee income.
  • 1QCY25 PBT was PKR 29.3Bn, down 10%YoY. NIM stood at PKR 35.2Bn, down 7.6%YoY. Spread was down ~150bpsYoY.
  • Deposits clocked-in at PKR 2.1Trn, with current accounts arriving at PKR 1.1Trn. The CA ratio has improved to 51%, and the Bank aims to achieve a 55% CA ratio by the year-end. The management is targeting 25-26% growth in total deposits during the year and at least 25%YoY growth in current accounts in CY25. There was no significant impact of MDR on the conventional business. However, for MCB Islamic the full year impact of revised MDR is likely to be ~PKR 2Bn.
MCB Bank Limited (MCB): Result Review: MCB 1QCY25 EPS Rs11.7, DPS Rs9 - By Sherman Research

Apr 23 2025


Sherman Securities


  • MCB Bank Limited (MCB) announced 1QCY25 results today wherein the bank posted an unconsolidated net earnings of Rs13.8bn (EPS Rs11.7) down 17%YoY. The decrease in earnings is primarily attributed to a decline in interest income.
  • The bank announced a cash dividend of Rs9 per share in 1QCY25.
  • MCB’s interest earned clocked in at Rs69.8bn (down 22%YoY), while interest expense for the period stood at Rs34.7bn (down 32%YoY). As a result, NII declined to Rs35.2bn, (down 8%YoY).
MCB Bank Limited (MCB): 1QCY25 EPS arrives at PKR 12.4; PAT down 17%YoY/ up 39%QoQ - By Taurus Research

Apr 23 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.4. 1QCY25 PAT down 17%YoY – in line with expectations. MCB also announced a DPS of PKR 9.00.
  • Net Interest Income (NII): Down 8%YoY/1%QoQ driven by pressure on margins on the back of lower yields on the asset side following reduction in interest rates, offset by lower interest expenses due to decrease in the cost of funds on account of lower interest rates and the revised MDR regime going into effect from Jan’25.
  • Non-Markup Income (NMI): Up 9%YoY. But fell 15% on a sequential basis mainly due to the almost complete absence of capital gains during the quarter and 25%QoQ reduction in other income
MCB Bank Limited (MCB): Defensive play with steady gains - By Insight Research

Mar 17 2025


Insight Securities


  • MCB boasts one of the highest current account mixes in the banking sector. MCB presents a compelling investment case due to its attractive dividend yield and stable strategic approach. The bank has been focusing on building a low-cost deposit base and with interest rates dropping sharply in the last few quarters resulting in narrowing NIMs and the removal of ADR-based taxation, the bank is now more focused on increasing zero-cost deposits in its mix.
  • We maintain our BUY stance on MCB, with a DDM & P/BV based target price of PKR345/sh for Dec’25. The stock is currently trading at a P/E & P/B of 6.9x & 1.3x on CY25 estimates, with a DY of ~13%
  • Key risk to our investment thesis are i) Lower than estimated growth in current accounts, ii) Deterioration in asset quality, iii) Higher than estimated operating expenses and iv) Abrupt changes in regulatory framework.
MCB Bank (MCB): 4Q2024 EPS at Rs8.87 (Earnings in line with industry expectations) - By Topline Research

Feb 6 2025


Topline Securities


  • MCB Bank (MCB) announced its 4Q2024 result today, where the bank recorded consolidated earnings of Rs10.5bn (EPS of Rs8.87), down 38% YoY and 42% QoQ. The result came in line with industry expectations.
  • This takes full year 2024 earnings to Rs63.2bn (EPS of Rs53.35), down 3% YoY
  • Alongside result, bank also announced a final cash dividend of Rs9/share, taking 2024 dividend to Rs36/share.
MCB Bank Limited (MCB): Earnings Drop 41% YoY, Dividend Maintained - By IIS Research

Feb 6 2025


Ismail Iqbal Securities


  • MCB Bank Limited has announced 4QCY24 result, where the bank has posted unconsolidated earnings of PKR 7.7/sh, down by 41% YoY and 45% on QoQ basis. The result is inline with our expectations. The bank has announced final cash dividend of PKR 9/sh, taking full year dividend to PKR 36/sh.
  • Net Interest Income (NII) down by 18% YoY and down by 15% QoQ, mainly due to lower advances income as banks lent cheaper to meet the ADR target, abolished in late December, and larger repricing has already been reflected in 2Q/3Q.
  • Non-markup income increase by 3% YoY and 23% QoQ. The increase is mainly because of PKR 3.0 bn gain on sale of securities booked during the 4Q. Operating expenses increased by 18% YoY and 10% QoQ.
Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Economy: Pakistan’s Trade Deficit Widens to 2–Year High - By Sherman Research

May 19 2025


Sherman Securities


  • A detailed breakdown of trade numbers released by the Pakistan Bureau of Statistics (PBS) shows that, on a monthly basis, imports of goods posted growth of 17%MoM at US$5.6bn during April’25. The growth was primarily driven by imports in the Machinery and Petroleum group on a weighted average basis, while Food imports remained flat.
  • Wherein exports clocked in at US$2.1bn (down 18%MoM) mainly due to decrease in exports in the textile sector.
  • Thus, the monthly trade deficit widened to US$3.4bn (up 59%MoM) in Apr’25 highest since May’23. On cumulative basis, import bill was recorded at US$48.3bn (up 8%YoY) during 10MFY25 mainly due to higher imports of Machinery, Textile and Metals, while Petroleum imports declined. Thus, cumulative trade deficit clocked US$21.4bn (up 9%YoY) for 10MFY25.
Auto: Car Sales Expected to Remain Flat in April’25 -- By Sherman Research

May 7 2025


Sherman Securities


  • The sales of leading car assemblers registered with PAMA are expected to remain flat clocking at 8,970 units in April’25 (down 1%MoM).
  • The flat sales are driven by decline in sales of PSMC following price hikes on popular models. Additionally, INDU’s moderate sales aimed losing market share to rising competition from new players.
  • Indus Motors (INDU) expected to report sales of 3,259 units (up 4%MoM) during the month. This growth in sales is mainly due to higher sale of Yaris, Corolla and Hilux
Fertilizer: Urea Sales to Decline 24%YoY, Inventory at 8 Year High - By Sherman Research

May 5 2025


Sherman Securities


  • According to provisional data, urea sales during April’25 is expected to clock in at 251k tons, down 24%YoY. The YoY decline in urea sales is mainly due to weak farm economics amid lower support prices and higher input costs.
  • Similarly, on MoM basis, urea sales is likely to decline by 18%MoM which is expected to be a combination of both seasonal impact and canal protest in several parts of Sind which is also effecting sales. Just to recall, Sind consumes around 25% of the urea production in the country.
  • Urea sales of Fauji Group to clock in at 108k tons versus sales of 223k tons during the same period last year, down 51%YoY. On the flip side, EFERT is likely to witness recovery in urea sales of 7%YoY to 81k tons as compared to 75k tons during the last year.
Citi Pharma Limited (CPHL): Result Review: CPHL 3QFY25 EPS Re0.96 - By Sherman Research

Apr 30 2025


Sherman Securities


  • Citi Pharma Limited (CPHL) announced 3QFY25 result today where in company posted earnings of Rs220mn (EPS Re0.96) as compared to net earnings of Rs211 (EPS Re0.93) during the same period last year, up by 4%YoY. The earning slightly grew mainly due to expansion in gross margins and lower effective taxation.
  • During 3QFY25, the company’s topline declined by 6%YoY to Rs3.3bn, primarily due to depressed international API prices, which are linked to falling crude oil prices. Additionally, lower volumetric sales in the pharma sector further contributed to the decline.
  • The company’s gross margin stood at 15% in 3QFY25 versus 13% in the same period last year. We believe, this improvement is likely driven by a higher contribution from formulations in the revenue mix, which typically carry higher margins than APIs
Pioneer Cement Limited (PIOC): Result Review: PIOC 3QFY25 EPS Rs4.3 - By Sherman Research

Apr 30 2025


Sherman Securities


  • Pioneer Cement Limited (PIOC) announced 3QFY25 result today wherein company posted net earnings of Rs974mn (EPS Rs4.3) as compared to Rs1.2bn (EPS Rs5.3) during the same period last year, down by 19%YoY. The result came in-line with our estimate.
  • During 3QFY25, PIOC’s topline clocked in at Rs7.9bn (down 8%YoY) as cement dispatches fell by 7%YoY.
  • PIOC’s gross margin clocked in at 26% as compared to 32% during the same period last year. We believe that sharp decline is mainly attributed to lower capacity utilization and higher royalty expense during the quarter
Lucky Cement Limited (LUCK): Result Review: LUCK 3QFY25 Diluted EPS Rs9.2 - By Sherman Research

Apr 28 2025


Sherman Securities


  • Lucky Cement Limited (LUCK) announced its 3QFY25 result today wherein the company posted unconsolidated net earnings of Rs13.5bn (Diluted EPS Rs9.2) compared to net earnings of Rs4.9bn (Diluted EPS Rs3.4) during same period last year, up by 174%YoY. The result came above our estimate due to 1) Higher than expected other income and 2) lower effective taxation. Just to recall, this result incorporates the stock split with total outstanding shares of 1.46bn shares.
  • During 3QFY25, net revenue surged by 10%YoY to Rs34.5bn primarily driven by elevated exports (up 52%YoY) while local dispatches remain stagnant.
  • LUCK’s gross margin clocked in at 33% as compared to 29% during the same period last year (up 4ppt). The increase in margins is mainly led by lower coal cost and efficient power mix
GlaxoSmithKline Pakistan (Glaxo):Result Review: GLAXO 1QCY25 EPS Rs6.7 - By Sherman Research

Apr 25 2025


Sherman Securities


  • GlaxoSmithKline Pakistan (Glaxo) announced 1QCY25 EPS of Rs6.7 versus EPS of 1.8 during the same period last year, up by massive 3.7xYoY. The jump in earning is primarily attributable to increase in gross margins to 34% (up 19ppts).
  • During 1QCY25, the company’s topline remained flat at 15.6bn compared to same period last year mainly due decline in volume.
  • Thanks to hike in prices and decline in raw material prices, Glaxo’s gross margin sharply increased to 34% during 1QCY25 versus 15% during same period last year.
MCB Bank Limited (MCB): Result Review: MCB 1QCY25 EPS Rs11.7, DPS Rs9 - By Sherman Research

Apr 23 2025


Sherman Securities


  • MCB Bank Limited (MCB) announced 1QCY25 results today wherein the bank posted an unconsolidated net earnings of Rs13.8bn (EPS Rs11.7) down 17%YoY. The decrease in earnings is primarily attributed to a decline in interest income.
  • The bank announced a cash dividend of Rs9 per share in 1QCY25.
  • MCB’s interest earned clocked in at Rs69.8bn (down 22%YoY), while interest expense for the period stood at Rs34.7bn (down 32%YoY). As a result, NII declined to Rs35.2bn, (down 8%YoY).
Maple Leaf Cement Factory (MLCF): Result Review: MLCF 3QFY25 EPS Rs2.7 - By Sherman Research

Apr 23 2025


Sherman Securities


  • Maple Leaf Cement Factory (MLCF) announced 3QFY25 result today wherein company posted consolidated net earnings of Rs2.8bn (EPS Rs2.7) as compared to earnings of Rs1.5bn (EPS of Rs1.4) during the same period last year, up by 86%YoY. The result came above our estimate mainly due to lower effective taxation during the quarter.
  • During 3QFY25, MLCF’s topline clocked in at Rs16.6bn, up by 4%YoY. Despite the decline in volumetric sales (down 9%YoY), higher topline is driven by better retention prices during the period.
  • MLCF’s gross margin clocked in at 35% during 3QFY25 as compared to 30% during the last year. This elevated gross margin is due to 1) Improved retention prices 2) Lower coal cost and 3) Efficient coal mix.
Engro Fertilizer Limited (EFERT): Result Review: EFERT 1QCY25 EPS Rs2.17, DPS Rs2.25 - By Sherman Research

Apr 22 2025


Sherman Securities


  • Engro Fertilizer Limited (EFERT) announced its 1QCY25 result today wherein the company posted consolidated net earnings of Rs2.9bn (EPS of Rs2.2) as compared to net earnings of Rs7.8bn (EPS of Rs5.8) during same period last year, down by 63%YoY. The result came in-line with our estimate.
  • Along with the result, company announced interim cash dividend of Rs2.25/share.
  • During 1QCY25, net revenue clocked in at Rs30bn, down by 59%YoY. The decline is mainly attributed to lower urea sales (down 53%YoY).
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