EFOODS Engro Foods Analysis 04 April 2014
Resistance ahead at 134.76
Our Pivots: 134.76
Our Preference: Short Sell EFOODS below 126.62 and average it out around 130.32 with a strict stop loss of 134.76 and profit target at 118 and 116.75 with Extension 108.44
Alternate Scenario: Upward Penetration of 134.76 will call for 135.10 and 140
NOTE: EFOODS is expansion mode of its previous bullish correction of its price cycle from 118.50 till 95.50 which would be extended till 133.66. Its also going to get strong resistances at that level from it long term 61% Monthly correction and its monthly second resistance. Efoods’s weekly upward price channel’s resistant trend line and its Monthly R1 are also going to behave as strong resistances around 126.62 area so its recommended to short it below 126.62 and add averages till 130.32
Recommendations:
For New Entries (Short Sell Below 126.62 and 130.32 and 132.71 )
For Existing Holders (Hold with strict stop loss and given profit target)
Weekly Chart with Supports and Resistance:
3 COMMENTS
John Doe
June 29, 2014 - 11:23 Proin eget tortor risus. Cras ultricies ligula sed magna dictum porta. Pellentesque in ipsum id orci porta dapibus. Lorem ipsum dolor sit amet, consectetur adipiscing elit.Diana Doe
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