EFERT Engro Fertilizer Limited Mid-Term Analysis 04 May 2016

Rebound Insight

Our Pivot: 61.05

Our Preference: Buy EFERT above 68.62 and average it out till 64 with strict stop loss of 61.05 and target at 74.60 and 78.40.

Alternate Scenario: Downward penetration of 61.05 will call for 56.40.

NOTE: EFERT is moving in a bearish trend channel and right now its getting support from a supportive trend line  along with a strong horizontal support. Two more supportive regions are standing ahead at 64.59 and 64 from a trend line along with a horizontal supports.

Recommendations:

Buy above 68.62 and average it out till 64 with target at 74.60 and 78.40.

Weekly Chart with Supports and Resistances: