Elixir Securities Limited -Elixir Grid
Karachi, January 04, 2018 (PPI-OT): Oil and Gas Development Company – OGDC PA: Triangle Breakout Alert!!
OGDC has been trading within a symmetrical triangle pattern ever since topping around 166.68 in Nov-17, visible on its weekly time frame. The upward movement in price broke this pattern during the last week yet it remained vulnerable to the weekly 233 EMA of 164.20. Yesterday’s breakout of the latter’s resistance indicates that buyers are gaining the upper hand in price setting. Moving ahead, ability to hold above 165/164 support would put the stock on a stronger climb to the levels of 186/192 next, while the maximum upside potential is estimated to be 212/214. On the flipside, any breakout below 164 would turn attention to the broken resistance-turned-support at 158.