ATRL Attock Refinery Short Term Analysis 16th Oct. 2020

Downside Prevails

Our Pivot: 134.50

Our Preference: Start short selling ATRL below 130.60 and average it out till 133.50 with strict stop loss of 134.50 and profit target at 127.60 with extension towards 124.75 and 123.

Alternate Scenario: Upward penetration of 134.50 will call for 137.60 and 141.

NOTE: ATRL is being capped by a descending trend line on hourly chart and its moving downward to complete expansion of bearish correction.

Hourly chart with supports & resistances: