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PAKISTAN STATE OIL CO LTDPAKISTAN STATE OIL CO LTDPAKISTAN STATE OIL CO LTD

PAKISTAN STATE OIL CO LTD

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PSO trade ideas

PSOThe price of the stock has been in a strong uptrend since the middle of 2023. The price has more than doubled from its low of around 110 in July 2023 to its current price of around 217. The volume has also been increasing, which suggests that there is strong buying interest in the stock. Pull back seemed at the test of 50% Fib retracement and currently trading above 38.2% which indicate that the price can test its previous resistance of 217 which can consider the first target. Moreover, if price breaks above and sustains then next resistance lied around 247. On the flip side, place stop loss below 160 after the break of previous low which indicates trend reversal in the price. Here are some of the technical indicators that you can use to analyze the stock: The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes. The RSI is currently above 61. However, the RSI can stay above 70 for extended periods of time when a stock is in a strong uptrend. MACD is a trend-following indicator that measures the difference between two moving averages. The MACD is currently above its signal line, which suggests that the uptrend is still intact. Overall, the technical indicators suggest that the stock is in a strong uptrend. However, it is important to remember that technical analysis is not a perfect science and past performance is not necessarily indicative of future results.
PSX:PSOLong
by mbaberhanif
PSO head and shoulder formed. Going short & entry again on PRZPSO already formed a head and shoulder. I have been tracing this for a while. Hence going short and then will do a reversal trade. This trade I anticipated the moment head formation was completing and the right shoulder started forming. Hence went short. Now based on the projection derived from the top of the head to the neckline, a potential reversal zone should be forming around an area where a previously low is present making a candidate for double bottom. I will evaluate the bullish divergence around double bottom and based on the divergence and confirmation of the HH and HL, I will go long. At the moment waiting patiently and anticipating the formation of the double bottom. Additionally I can short the stock until the PRZ as well. Hence I will post a second link for the same setup.
PSX:PSO
by adeelahm1979
PSO head and shoulder pattern with PRZ around double bottomPSO already formed a head and shoulder. I have been tracing this for a while. Hence going short and then will do a reversal trade. This trade I anticipated the moment head formation was completing and the right shoulder started forming. Hence went short. Now based on the projection derived from the top of the head to the neckline, a potential reversal zone should be forming around an area where a previously low is present making a candidate for double bottom. I will evaluate the bullish divergence around double bottom and based on the divergence and confirmation of the HH and HL, I will go long. At the moment waiting patiently and anticipating the formation of the double bottom. Additionally I can short the stock until the PRZ as well. Hence I will post a second link for the same setup.
PSX:PSO
by adeelahm1979
PSO Head and Shoulder formed, waiting for PRZPSO already formed a head and shoulder. I have tracing this for a while. Based on the projection derived from the top of the head to the neckline, a potential reversal zone should be forming around an area where a previously low is present making a candidate for double bottom. I will evaluate the bullish divergence around double bottom and based on the divergence and confirmation of the HH and HL, I will go long. At the moment waiting patiently and anticipating the formation of the double bottom.
PSX:PSOLong
by adeelahm1979