PPL (Pakistan Petroleum Limited)
Price is moving within an ascending channel and currently sitting at the Fibonacci golden zone. It’s also trading above a strong support area that had previously acted as major resistance.
The stop loss is placed below the recent higher low. Buy 2 is positioned near the confluence of horizontal support, channel support, and the rising trendline in case of a pullback. RSI is in sync, and price is trading above the 50 EMA — a level it has historically respected. It’s also holding above the golden cross, adding further strength to the bullish bias.
The first target aligns with the recent resistance, which also sits around the all-time high. A strong close above that zone, supported by healthy volume, could open room for an extended move upward.
Recommended Levels:
Potential remains strong as long as price sustains above the horizontal support and rising trendline. Happy trading!
Price is moving within an ascending channel and currently sitting at the Fibonacci golden zone. It’s also trading above a strong support area that had previously acted as major resistance.
The stop loss is placed below the recent higher low. Buy 2 is positioned near the confluence of horizontal support, channel support, and the rising trendline in case of a pullback. RSI is in sync, and price is trading above the 50 EMA — a level it has historically respected. It’s also holding above the golden cross, adding further strength to the bullish bias.
The first target aligns with the recent resistance, which also sits around the all-time high. A strong close above that zone, supported by healthy volume, could open room for an extended move upward.
Recommended Levels:
- Buy 1: 199.66 (CMP)
- Buy 2: 195.00
- Stop Loss: Closing below 188.00
- Take Profit 1: 210.00
- Take Profit 2: 222.00
- Take Profit 3: Ride the trend with a trailing stop
Potential remains strong as long as price sustains above the horizontal support and rising trendline. Happy trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.