SNGP Sui Northern Gas Pipelines Limited Short Term Analysis 5th March 2019

Turning Down

Our Pivot: 82.50

Our Preference: Start short selling SNGP below 79.08 and average it out till 80.56 with strict stop loss of 82.50 and profit target at 70.70 with extension towards 67.50.

Alternate Scenario: Upward penetration of 82.50 will call for 86.50 and 87.

NOTE: SNGP is being capped by a strong horizontal resistant region at 79.08 and then by a previous supportive trend line at 80.56 , while 50% correction of its previous bearish rally also would be completed at 79.60 Rs/share therefore it's recommended to initiate short selling with strict stop loss of 82.50.

Daily Chart with Supports & Resistances: