EFOODS Engro Foods Limited Short-Term Analysis 09 May 2016
Turning Down
Turning Down
Our Pivot: 170
Our Preference: Short sell below 159 and average it out till 164 with strict stop loss of 170 and target at 148 and 141.
Alternate Scenario: Upward penetration of 170 will call for 176 and 179.
NOTE: EFOODS have formatted a bearish trend channel on weekly bases and right now its gettign resistance from a horizontal resistance.
Recommendations:
Short sell below 159 and average it out till 164 with target at 148 and 141.
Chart with Supports and Resistances:
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