ENGRO Engro Corporation Analysis 29 August 2016

Rebound Insight

Our Pivot: 288.34

Our Preference: Buy ENGRO above 305.89 and average  it out till 298.87 with strict stop loss of 288.34 and profit target at 326.43 and 337.49.

Alternate Scenario: Downward penetration of 288.34 will call for 274.30.

NOTE: ENGRO is getting support from supportive trend line of its bullish trend channel along with a strong horizontal supportive region. Weekly 50% correction is completed and Stochastic is ready for a pull back.

Recommendations:

Buy above 305.89 and average it out till 298.87 with target at 326.43.

Weekly Chart with Supports and Resistances: