Karachi: Pakistan Petroleum Limited (PPL) is showing signs of potential growth, according to a recent analysis by JS Global. The energy company appears to be gaining momentum, with immediate resistance observed in the 212-216 range. A break beyond this point could trigger a new upward trend, potentially reaching a target of 238, which would mark a 13% increase from its current closing position.

For medium-term investors, there is an expectation of further gains, with projections suggesting the stock could rise towards 260, representing a 150% retracement from the previous decline from 217 to a low of 129. The analysis indicates that support for the stock is present between the 192-194 range, with risks identified below 179, marked by the 200-day moving average (DMA).

The positive outlook is underpinned by several factors. PPL is currently trading above key averages, maintaining a bullish trend. Additionally, the stock is forming a cup-handle pattern on the monthly chart. The Moving Average Convergence Divergence (MACD) also signals a buy on the weekly timeframe, further supporting a positive view of the stock’s performance.