PPL Pakistan Petroleum Limited short term analysis 27th Oct. 2020

Downside Prevails

Our Pivot: 90.50

Our Preference: Start short selling PPL from current price and average it out till 89.30 with strict stop loss of 90.50 and profit target at 85.00 and 83.50.

Alternate Scenario: Upward penetration of 91.00 will call for 93.50 and 96.

NOTE: PPL is being capped by two strong horizontal resistant regions and after completing its intraday correction its moving downward. 

Hourly chart with supports & resistances: