PPL Pakistan Petroleum Limited Short-term Analysis 16th July 2018

Turning Down

Our Pivot: 213.90

Our Preference: Short Sell PPL below 208.34 and add averages till 210.80 with strict stop loss of 213.90 and profit target at 199.50 with extension towards 195.90.

Alternate Scenario: Upward penetration of 213.90 will call for 217.30

NOTE: PPL is capped by a descending trend line and it also have completed its 61.8% correction on daily chart after completion of 100% expansion in bearish direction. Daily momentum indicators are in bearish mode as Stochastic and MAORSI both have generated bearish crossovers.

Daily Chart with Supports & Resistances: