OGDC Oil & Gas Dev. Corp. Ltd. Short Term Analysis 6th Mar. 2020

Downside Prevails

Our Pivot: 127

Our Preference: Short sell OGDC below 124.20 with strict stop loss of 127 and profit target at 119.34 with extension towards 116.60.

Alternate Scenario: Upward penetration of 127 will call for 128.60 and 131.

NOTE: OGDC is trying to bounce back after completing 61.8% correction of its last bearish rally, meanwhile its being capped by a resistant trend line on daily chart.

Daily chart with supports and resistances: