OGDC Oil & Gas Dev. Corp. Ltd. Intraday Analysis 1st Jun. 2020

Turning Down

Our Pivot: 119

Our Preference: Short sell OGDC below 116.56 with strict stop loss of 119 and profit target at 111.77 with extension towards 109.90.

Alternate Scenario: Upward penetration of 119 will call for 121.50.

NOTE: OGDC is being caged in a rising wedge on hourly chart and its going to face a strong resistance from resistant trend line of said wedge, meanwhile a strong horizontal resistant region is also going to cap current bullish rally at same price. In case of breakout of said rising wedge in downward direction would push OGDC in bearish zone.

Hourly Chart with Supports and Resistances: