PSO Pak State Oil Limited Mid-Term Analysis 18 April 2016

Turning Down

Our Pivot: 382.30

Our Preference: Start Short selling from current price and average it out till 371.79 strict stop loss of 382.30 and target at 349 and 340.

Alternate Scenario: Upward penetration of 382.30 will call for 390 and 401.

NOTE: PSO is moving in a bearish trend channel on weekly chart and right now it have strong resistances ahead from a horizontal resistant line along with a negative trend line. Weekly Stochastic is also turning down.

Recommendations:

Start short selling from current price and average it out till 371.79 with target at 349 and 340.

Weekly Chart with Supports and Resistances: