PSO Pak State Oil Short-Term Analysis 21st Sep. 2017

Caution

Our Pivot: 472

Our Preference: Short Sell PSO below 462 and average it out till 465 with strict stop loss of 472 and profit target at 451 and 443 with extension towards 434.

Alternate Scenario: Upward penetration of 472 will call for 485 and 493.

NOTE: PSO is capped be a resistant trend line along with a horizontal resistance at 464 Rs  and crossover of these both lines would react as major resistance, Stochastic and MAORSI have generated crossover on hourly chart which indicate an intraday reversal in bearish direction. But if PSO opened with a gap above 462 then short selling would not be recommended.

Daily Chart with Supports and Resistances: