PSO Pak State Oil Intraday Analysis 3rd Sep. 2018

Downside Prevails

Our Pivot: 351.00

Our Preference: Short Sell PSO between 345-347 with strict stop loss of 351 and profit target at 337, downward penetration of 337 will call for a dip toward 330.

Alternate Scenario: Upward penetration of 351 will call for 357 and 359.

NOTE: PSO is  caged in a triangle and its trying to penetrate its supportive trend line of said triangle therefore its recommended to short sell it on spike with strict stop loss. If it would succeed in sliding below said trendline then next targets would be 337 and 330.

Hourly Chart with Supports and Resistances: