PSO Pak State Oil short term analysis 5th May 2020

Turning Down

Our Pivot: 170

Our Preference: Start short selling PSO below 159.30 and average it out till 164 with strict stop loss of 170 and profit target at 147 with extension towards 141.

Alternate Scenario: Upward penetration of 170 will call for 174 & 177.

NOTE: PSO have completed 50% correction of its last bearish rally and right its being capped by a strong resistant region. 

Weekly Chart with Supports and Resistances: