OGDCQuick Trade:
Buy Above 111
Sell around 114
Stoploss 105 (closing basis)
Then wait for 115 Breakout and enter for
the Target of 124
OGDC trade ideas
PSX: OGDC READY TO RISE, EVEN HIGHER.OGDC had its recent high at the start of August which is around Rs111. Afterwards it went into consolidation. on 18th October it had a low of around 93 reminding me the Wyckoff.
The volumes have been picking up since the start of October and on Friday it staged a breakout which, in my opinion, shall continue, as the RSI is also displaying a bullish momentum.
So if the upside targets have been identified along with the Stop Loss.
Oil & Gas Development Company OGDC: On the hourly time frame, a key support level is identified at 99.50. Consider entering a long position if the price remains above this level, but be cautious if it drops below, as it may signal further downward movement.
ODGC:PSX is continuing bearish trendOGDC is in bearish parallel channel and has made a beaarish flag pattern at the top of the downward channel. Short Entry has been placed on break of Flag Pole with suitable SL and TP1 and TP2.
OGDC:PSX is making potential Bearish Harmonic Reversal patternOGDC:PSX is in process of making potential Bearish Harmonic Reversal pattern. PRZ (Point D) has been initially foretasted at fib 0.886 but may extend further upto 1.618. A short entry is planned below point B through a sellstop order with SL above point C. At PRZ (point D), upon confirmation of bullish reversal through divergence on RSI, a long entry through buystop shall be initiated once HHs and HLs of the trend are confirmed.
OGDC: Head & Shoulders appearingPSX:OGDC graph has formed head & shoulders which suggest potential downward trend. It can form lower lows towards the mark point around PKR 60.
