ENGRO Engro Corporation Analysis 07 August 2013
Rebound Insight
Our Pivot: 124.72
Our Preference: Buy Engro above 132.10 and 134.40 as long as 128.72 and 124.70 are sustained as supports with profit targets at 146.10 and 152.24.
Alternative Scenario: Downward penetration of 124.72 will call for 119.18 and 103.16
NOTE: ENGRO is coming back after retesting its upward price channel’s resistant trend line and is going to get support from its bottom line, but if it will penetrate 124.72 then it will start a new bearish trend towards 103, But right now its in reversal mode so buying can be initiated according to given levels.
Recommendations:
For New Entries ( Buy above 132.10 and 134.40 also above 12.72 if it penetrates 132.10)
Existing buyers short term (Hold till 146 and 152)
Weekly Chart with Supports and Resistance:
3 COMMENTS
John Doe
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