ENGRO Engro Corporation Analysis 22 May 2013
ENNGRO Caution (Swing on Both Sides)
Our Pivot: 146.02
Our Preference: Swing on both sides (Short sell with strict stop loss of 146.02 and profit target at 138.10 and 135..72 with extension towards 132.10 OR if it becoem able to close above 146.02 then Cut you short selling and buy with profit target at 152 and 159 ) (For Buying lovers they can take chance with stop loss of 138.10, and 132.10)
Alternative Scenario: Upward Penetration of 146.02 and 147.82 will call for a new era of bullish sentiment in Engro towards 165 and 172.
NOTE: ENGOR have been capped by a strong resistant trend line at 146.02 and have a 100 months moving average as resistance at 145.48 also have reached in over bought region in monthly chart along with a resistance at 146.02 from its 280 weeks moving average. so a caution is generated around these levels. It also have generated a triangle again on these levles and breakage of either side of this triangle will call for a new spike or dip in Engro.
Recommendations:
For New Entries (Short Sell with strict stop loss of 146.02 and 147.82)
Daliy Chart with Supports and Resistance;
Weekly Chart with Supports and Resistance:
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John Doe
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