PKGP Pak Gen Power Mid-Term Analysis 11 April 2016

Rebound Insight

Our Pivot: 22.00

Our Preference: Buy PKGP above 26.36 and add averages till 24.41 with strict stop loss of 22.00 and profit target at 28.72 and 30.79.

Alternate Scenario: Downward penetration of 22.00 will call for 20.47.

NOTE: PKGP is moving in a downward price channel and it have completed its major bearish wave Elliot Wave, now its getting support from a horizontal supports along with supportive trend line of said channel and correction levels. Now its highly expected that it will start ABC formation of last Elliot Wave and will bounce back around 61.8% of said wave towards 30.79

Recommendations:

Buy above 26.36 and average out till 24.41 with target at 28.72 and 30.79.

Weekly Chart with Supports and Resistances: