After the double bottom formation is observed in OGDC share around 104.50. The price action is currently testing resistance level of around 130 which breach and sustains can pull the price towards next resistance of 145. Stop loss can be placed below 115. Moreover, MACD indicator is lightening bearish histogram soon we can expect crossover.
Comment:
Comment:
Following the identification of a double bottom formation in OGDC shares around the price point of 104.50, recent price action indicates a rejection from its resistance level situated at 130, culminating in a closing figure of 121.07 during the latest trading session. Notably, support is discerned within the range of 114-118, where a pullback is anticipated subsequent to the validation provided by a confirmation candle. Presently, the stock manifests a "wait and watch" scenario, conducive to the contemplation of initiating a long position.