OGDC Oil & Gas Dev. Corp. Ltd. Intraday Analysis 5th Jan. 2021

Under Pressure

Our Pivot: 117.30

Our Preference: Start short selling from current price and average it out till 115 with strict stop loss of 117.30 and profit target at 111 with extension towards 108.00

Alternate Scenario: Upward penetration of 117.30 will call for 119.20 and 121.

NOTE: OGDC is being capped by an ascending trend line on hourly chart, meanwhile hourly momentum indicators are in bearish mode.

Chart with supports & resistances: