EFOODS Engro Foods Analysis 08 Oct 2013

October 8, 2013 7:39 amComments Off on EFOODS Engro Foods Analysis 08 Oct 2013Views: 284

Downside Prevails 

Our Pivots: 106.51

Our Preference:Short Sell Efoods below 103 with a strict stop loss of 106.51 and profit target at 94.12, Penetration of 94.12 will call for 83.37 in Efoods.

Alternate Scenario: Upward Penetration of 106.51 will call for 111.16

NOTE: EFOODS is moving back after fulfilling its 38% correction and also getting resistance  from a rising trend line, now its in expansion mode of its bearish rally and can target 94 so its recommended to initiate short selling in EFOODS.

Recommendations:

For New Entries (Buy Short Sell below 103 and 102.41)

Weekly Chart with Supports and Resistance:


 

EFOODSW08102013

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