TRG The Resources Group Mid-Term Analysis 11 April 2016

Turning Down

Our Pivot:38.14

Our Preference: Short sell TRG below 34.03 Rs and average it out till 35.78 with strict stop loss of 38.14 and target at 28.77 with extension towards 26.19.

Alternate Scenario:Upward penetration of 38.14 will call for 41.93 and 43.69.

NOTE: TRG have bounced back after expanding 100% expansion of last correction 61.8% now it is moving in a downward price channel and right now its getting resistance from resistant trend line of said channel along with a strong horizontal resistant region and its 61.8% bearish correction.

Recommendations:

Short sell below 34.03 and average it out till 35.78 with targets at 28.77 and 26.19.

Weekly Chart with Supports and Resistances: