EFOODS Engro Foods Analysis 07 July 2013
Rebound Insight
Our Pivot: 109.63
Our Preference: Buy EFOODS above 114.13 and 116.17 with strict stop losses at 111.69 and 109.63 and profit targets at 132.28 and 139.28
Alternative Scenario: Downward penetration of 109.63 will call for 105.56 and 100.16
NOTE: EFOODS is trying to fulfill its 50% correction level of its bullish run since Nov. 2012 at 116 also is going to get supports from weekly upward price channel along with 280 days moving average. So buying can be initiated in EFoods around given levles.
Recommendations:
For New Entries ( Buy above 116.17 and 114.13)
Existing buyers short term (Hold till 132.28)
Weekly Chart with Supports and Resistance:
3 COMMENTS
John Doe
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