BIPL Bank Islami Pakistan Analysis 05 April 2013

April 5, 2013 3:57 pm0 commentsViews: 287

BIPL UP side Prevails

Our Pivot: 5.52

Our Preference: Buy BIPL around 5.82 with a strict stop loss of 5.5.52 and profit target at  7.21 and 8.00 with extension towards 8.69

Alternative Scenario: Downward Penetration of 5.52 will call for 5.11 and  4.42

NOTE:BIPL have generated a bearish channel on weekly and daily basis and have retested its lower edge in last two weeks.  Now it have to move back to upper trend line of that channel so buying can be initiated around 5.92. Weekly RSI, MACD and Stochastic are indicating a reversal pattern in BIPL

Recommendations:

For New Entries (Buy around 5.92

For Existing Buyers (Hold and Make Average)

Daily Chart with Supports and Resistance:

BIPL

Weekly Chart with Supports and Resistance:

BIPLW

 

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