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:
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