D.G. Khan Cement Company LimitedThe price is declining after making a double top pattern around 84 level and recently gives closing at 64.55 which is -23% in the last trading session. Looking forward to the stock has recent support at 63.50 and second at 59 where accumulation can be seen. On the flip side, immediate resistance lies at 68.70 which breaks and sustains can pull towards 77.40 as shown in the chart.
DGKC trade ideas
PSX: DGKC BULLISH REVERSALDGKC is a prominent Cement manufacturer in Pakistan with multiple production facilities.
It has printed bullish harmonic pattern on hourly chart.
Divergence in RSI is another positive factor.
To further enhance the probability of the trade it is suggested that a position may be open at 53.
Detailed trade plan is also prepared .
PSX: DGKCDGKC is a leading Cement Manufacturer in Pakistan. It's current price is around 52 whereas its Book Value is 161.89 and Enterprise Value per share is 94.56.
On daily time frame the company has posted double top cart pattern thus, creating a bias for down trend , an other call is still in field of this effect.
Despite this short call an opportunity to benefit from reversal pattern has emerged on hourly time frame.
On hourly time frame bullish hammer has appeared followed by a doji. This duo ignite the hope of reversal. This is further strengthen by the bullish divergence appeared on RSI.
Since this opportunity has appeared on smaller time frame the TP! is minimal. Otherwise the projected price is quite high.