PIAA Pakistan International Airlines Mid-Term 26 Dec. 2016

Rebound Insight

Our Pivot: 7.70

Our Preference: Buy PIAA above 8.84 and average it out till 8.35 with strict stop loss of 7.70 and profit target at 1048 with extension towards 11.40.

Alternate Scenario: Downward penetration of 7.70 will call for 6.99 and 6.34.

NOTE: PIAA is moving in upward price channel on weekly chart and right now its getting support from a horizontal supportive region on 84.12% correction level,  and daily Stochastic and MAORSI have generated crossover which can pull back prices towards 10.48. PIAA have dropped around 29.64% in a month time and right now its ready for a pull back.

Recommendations:

Buy PIAA above 8.84 and average it out till 8.35 with strict stop loss of 7.70 and profit target at 1048 with extension towards 11.40.

Weekly Chart with Supports and Resistances: