EPCL Engro Polymer Short Term Analysis 4th Dec. 2019

Downside Prevails

Our Pivot: 36.50

Our Preference: Start short selling EPCL below 33.96 and average out till 36.50 with strict stop loss of 36.50 and profit target at 29.97 with extension towards 28.25.

Alternate Scenario: Upward penetration of 36.50 will call for 38.75 and 39.50.

NOTE: EPCL is moving downward after getting resistance from a strong trend line along with a horizontal resistance on weekly chart. While daily and weekly momentum indicators also have turned their directions in bearish side.

Weekly Chart with Supports & Resistances: