OGDC trade ideas
OGDCAfter the double bottom formation is observed in OGDC share around 104.50. The price action is currently testing resistance level of around 130 which breach and sustains can pull the price towards next resistance of 145. Stop loss can be placed below 115. Moreover, MACD indicator is lightening bearish histogram soon we can expect crossover.
OGDCFollowing the identification of a double bottom formation in OGDC shares around the price point of 104.50, recent price action indicates a rejection from its resistance level situated at 130, culminating in a closing figure of 121.07 during the latest trading session. Notably, support is discerned within the range of 114-118, where a pullback is anticipated subsequent to the validation provided by a confirmation candle. Presently, the stock manifests a "wait and watch" scenario, conducive to the contemplation of initiating a long position.
PSX: OGDC READY TO RISE, EVEN HIGHER.OGDC had its recent high at the start of August which is around Rs111. Afterwards it went into consolidation. on 18th October it had a low of around 93 reminding me the Wyckoff.
The volumes have been picking up since the start of October and on Friday it staged a breakout which, in my opinion, shall continue, as the RSI is also displaying a bullish momentum.
So if the upside targets have been identified along with the Stop Loss.
OGDC:PSX is making potential Bearish Harmonic Reversal patternOGDC:PSX is in process of making potential Bearish Harmonic Reversal pattern. PRZ (Point D) has been initially foretasted at fib 0.886 but may extend further upto 1.618. A short entry is planned below point B through a sellstop order with SL above point C. At PRZ (point D), upon confirmation of bullish reversal through divergence on RSI, a long entry through buystop shall be initiated once HHs and HLs of the trend are confirmed.