MCB MCB Bank Limited Analysis 01 August 2016

Upside Prevails

Our Pivot: 204.46

Our Preference:  Buy MCB above 214.95 with strict stop loss of 204.46 and profit target at 232 with expansion towards 246.

Alternate Scenario:  Downward penetration of 204.46 will call for 192.

NOTE: MCB is getting support from a rising trend line along with a horizontal supportive region. Weekly Stochastic is also trying to generate a bullish crossover and it have completed its weekly 61.8% correction therefore its expected a further advance in it.

Recommendations:

Buy above  214.95 with target at 232.

Weekly Chart with Supports and Resistances: