ASL Aisha Steel Limited Mid-term Analysis 17th July 2018

Rebound Insight

Our Pivot: 11.90

Our Preference: Buy ASL above 13.17 with strict stop loss of 11.90 and profit target at 15.93 and 18.26.

Alternate Scenario: Downward penetration of 11.90 will call for 9.80

NOTE: ASL is moving in a downward price channel on weekly chart and it's about to complete third primary wave of its bearish Elliot Wave. Right now its going to face a strong support from a horizontal supportive region and in case of penetration it would find ground at supportive trend line of said channel.

Weekly chart with supports and resistances: