OGDC Oil & Gas Dev.Co Short Term Analysis 02 May 2016

Turning Down

Our Pivot: 145.90

Our Preference: Short sell as long as OGDC is below 135 with strict stop loss of 145.90 and target at 121 and extension towards 114.

Alternate Scenario: Upward penetration of 145.90 will call for 156.84.

NOTE: OGDC have formatted a bullish weekly channel after penetrating its weekly bearish channel but right now its getting resistance from two strong horizontal resistant regions.

Recommendations:

Short sell as long as its  below 135 with target at 121.

Chart with Supports and Resistances: